Friday, September 16, 2011

Annual House Bills floating in...

It's September and that means at the end of the month I'll have been a homeowner for 2 years. It's crazy to think that I've had my condo for 2 years now...

Which means in a year from now the $8,000 first time home buyers credit will no longer haunt me and will never need to be paid back.

While I wait on that silver lining as I watch property values tank in my area still, September also brings something new to the mix.

We get all our housing annual bills in the mail.

Earthquake insurance policy 
Since we have a small condo, they don't let us get a lot of coverage because we can only insure our unit and a lot of the values are set on the type of property we have since its "joint use," but here are our specs:

  • Building property set at $25,000.00 for a $3,750.00 Deductible
  • Personal property set as 25,000.00 for a $750 Deductible
  • Loss of Use $10,000.00 -- No Deductible 
  • Loss Assessment set as $25,000.00 for a $3,750.00 Deductible
and we get stick paying $257.00 a year for it... but its better to have some coverage than nothing.

Homeowner's Insurance  

Coverages and Limits

  • Building Property $25,700.00 
  • Personal Property $25,700.00 
  • Loss of Use:  Actual Loss
  • Loss Assessment: $10,000.00 
  • Personal Liability $300,000.00
  • Damage to others property $500
  • Medical Payments to others $1,000.00 (each person)
All for a $500.00 Deductible.

Its $335.00 (we save $10.00 for a home alert discount, $59.00 for having home and auto together, and $26 for being claim free)

1 comment:

  1. Just an FYI - you should never disclose your liability limits. This is valuable info for the other party if there is ever an incident in which you are found liable. Also, personally, I would increase medical payments to others, to about $50K and also Damage to other's property to $250k. I live in apt bldg where a tenant caused a grease fire and the whole wing of the apartment was damaged, approx 25 units do not want to find yourself in a situation in which you caused such a problem for your neighbors. The apartment complex ins covered but as a home owner, you would be responsible, NOT the condo assoc. Alternatively, you could probably look into an $1M umbrella policy since you do have assets that you do not want to put at risk.
    Always enjoy reading your blog, have been for about 4 years now. Good Luck!