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New Orleans Condos, Insurance Always in the Condo Fees

New Orleans Condos. Is homeowners Insurance Covered By Condo Fees?

Do the condos fees cover the insurance on the condos is the most popular question that I am asked about condos in New Orleans. The answer is yes. Insurance is always covered in your condo fees which are collected monthly to your condo association. There are no escrows taken out for insurance in your monthly notes. For condos its only the interest and the escrow for taxes. The insurance covers wind, hail, and causality plus flood insurance if needed. All lenders will check out the policies before loaning money on your condo. The other items covered are maintenance, security, upkeep of grounds, elevators, gardens,pools, gyms, and whatever the members vote on the things they desire. In our post Katrina world the total condo fees may be less than the homeowners insurance in a like price home. The condo insurance is not going to cover your contents, you have to get insurance for the walls in plus contents.

All lenders and Banks want to be protected when they loan you money for a condo so they you make sure that the association has the proper coverages for Insurance and flood insurances that are required. They also require that the condos have certain insurance deductibles as well. You can and should get condo insurance that will cover the contents and the walls in for several hundred per year. Expect to get 40k worth of this insurance far about 500k per year. Its easy to say that half of anyones insurance will go to condo fees and as the units get more expensive then insuring them is going to get more expensive.

 

 

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Eric Bouler Realtor
Gardner Realtors
Metairie - New Orleans, La. USA