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Afternoon All,
I've been scouting out some of the realty adds for condo's. A lot of them list having monthly insurance fees of $400-500+ along with the additional condo fees of $300+.
Those two together would equal a sizeable mortgage payment. Any thoughts on this? Can I expected the same insurance expenses for a single family home?
thanks!
Rick
Posted : December 9, 2004 7:48 pm
It is not unusual to have condo fees and insurance that total more than $12,000.00 a year. Most are less. The usual reason is to pay for deferred maintenance and insurance for catastrophic events ( hurricanes).
In a private dwelling you will be asked by your mortgage holder to insure your home for at least the amount of the loan. This could be four or five thousand dollars a year or more in insurance costs, in addition to the usual maintenance costs
If you do not have a loan on your home, you can go "naked" ...That is uninsured, gambling that your extended repair cost for a major storm will cost less than your insurance payments.
Posted : December 9, 2004 10:30 pm
Rick:
We bought at Point Pleasant Resort, STT. Insurance & Maintenance fees (includes water) for a 1 Bed Room/1 Bath unit is $700. month. I believe the insurance part is about $430.
Hope this helps.
F.I.
Posted : December 10, 2004 9:34 pm