Each building, as a whole, is required to have it’s own HOA insurance policy for fire and liability for the building structure itself. Additionally, each unit would then be required to have an individual condo owners policy insuring the contents of each of their units.
Typically the HOA insurance policy ranges from approximately $600 - $2,000 per year in total. This cost is then split between the homeowners. The individual condo contents policy is $175 per unit per year. To date, all of the properties are insured through State Farm Insurance and there are no losses on any of the properties. A spreadsheet of all insurance costs is attached below.
In addition, each lease provides that the tenants are responsible for purchasing a renters insurance policy for their contents. Therefore, this may eliminate the necessity of the individual condo owners policy for each individual unit.
| NEWPORT PORTFOLIO INSURANCE | ||||||||
|---|---|---|---|---|---|---|---|---|
| Address | Annual Premium | Insurance Company | ||||||
| 127 29th St., A | $175 | State Farm | ||||||
| 127 29th St., B | $175 | State Farm | ||||||
| 127 29th St. A & B HOA | $813 | State Farm | ||||||
| 203 30th St., A | $175 | State Farm | ||||||
| 203 30th St., B | $175 | State Farm | ||||||
| 203 30th St. HOA | $881 | State Farm | ||||||
| 208 Colton | $175 | State Farm | ||||||
| 208½ Colton | $175 | State Farm | ||||||
| 208&208½ Colton HOA | $1,355 | State Farm | ||||||
| 211 Colton | $175 | State Farm | ||||||
| 211½ Colton | $175 | State Farm | ||||||
| 211 Colton HOA | $1,328 | State Farm | ||||||
| 215 33rd St. A | $175 | State Farm | ||||||
| 215 33rd St. B | $175 | State Farm | ||||||
| 215 33rd St. A & B HOA | $843 | State Farm | ||||||
| 4138 Patrice | $175 | State Farm | ||||||
| 4142 Patrice | $175 | State Farm | ||||||
| 4146 Patrice | $175 | State Farm | ||||||
| 4150 Patrice | $175 | State Farm | ||||||
| 4138-4150 Patrice HOA | $2,058 | State Farm | ||||||
| 4819 River | $175 | State Farm | ||||||
| 4821 River | $175 | State Farm | ||||||
| 4819 & 4821 River HOA | $941 | State Farm | ||||||
| 4915 River | $175 | State Farm | ||||||
| 4915 & 4917 River HOA | $287 | State Farm | ||||||
| 5005 River | $175 | State Farm | ||||||
| 5007 River | $175 | State Farm | ||||||
| 5005 & 5007 River HOA | $815 | State Farm | ||||||
| 5009 River | $175 | State Farm | ||||||
| 5011 River | $175 | State Farm | ||||||
| 5009 & 5011 River HOA | $975 | State Farm | ||||||
| Total portfolio insurance | $13,971 | |||||||