Correct, but the average person doesn’t know that. Thus the unreasonable fear of being sued.
intercst
2 Likes
I rent.
I have chosen to ‘self insure’ the renter’s insurance, cause I don’t care one whit about any of the ‘stuff’ in the apartment. If it gets damaged/destroyed, I’ll have another excuse to haunt the thrift stores! I enjoy ‘thrifting’. And only RARELY actually buy anything… unless I have a ‘want/need’.
Anyway, 2 things give me pause about self insuring are that renter’s insurance also will
#2 in the list below - cover damage I might cause to the apartment, property, or to other tenants.
#3 in the list below - cover some liability if someone gets injured due my own ‘negligence’.
{ Renters insurance covers the following:
- Personal property: Insurance for your belongings.
- Personal liability: Coverage for injuries or property damage for which you may be held responsible.
- Guest medical expenses: Coverage for medical expenses if someone is injured in your home.
- Additional living expenses (ALE): Coverage for temporary housing if your home becomes uninhabitable due to a covered peril1234. }
should I be ‘fearful’ of being sued?
I had an umbrella policy when I ‘owned’. Should I consider that now, as a ‘renter’?
thanks
ralph
1 Like
I think you have to look at your risk. If you’re not hosting any wild parties in your apartment where a drunken guest might summersault off the balcony to the pavement below, you’re likely OK. But there’s still the chance you’ll leave the bathtub faucet running and flood three or four apartments below you – or maybe you only take showers, so the bathtub isn’t a risk?
The prime reason I have the $5 MM umbrella policy is to protect against the odd chance I’m driving my car and hit a schoolbus full of children. It’s worth it to spend $300 or $400 on the premium for that. I can afford to replace my car myself, if it’s damaged or stolen.
intercst
4 Likes
I’m in a single story, end unit, with neighbors on only one side. There’s reportedly some kinda super duper firewall protection barrier between units.
Guests (infrequent) get the bath tub, which has a grab bar.
I think the “school bus” scenario is worth considering.
Thanks 
ralph
1 Like
Yes, but if the fuego penetrates the roof the flames/ blowing embers can land on your roof. Like being killed by a dachshund. The odds are very very small but never zero
1 Like
There’s a nationwide accrediting organization for condo reserve analysts.
Unless the State of Florida is restricting out-of-state analysts from working there, you should be able hire an out of state firm. WA State doesn’t have a state license to do this kind of work.
https://app.leg.wa.gov/rcw/default.aspx?cite=64.34.380
Same thing for the licensed Professional Engineers required to do the structural surveys. If the demand for the business is there, out of state firms will get a state license and bid on the work It’s not uncommon for consulting engineers to be licensed in 15 or 20 different states. Unless there’s something crazy going on to prevent competition.
intercst
2 Likes
No, I think liability coverage is for when you leave the water in the bathtub running and it floods the condos below. Then you are “liable.”
I’m talking about when the guy above you makes the flood and it destroys your ceiling, your walls, you furniture - and the guy above you doesn’t have insurance and/or refuses to pay, Then you have your own insurance to cover your losses. Which in this case it sounds as though Suze does not.
3 Likes
Qaz, you once wrote that you “have encouraged my children to move away from the coast and consider the upper Midwest. Wisconsin, Minnesota.” Is Illinois close enough?
DB2
My youngest lives in Chicago and loves it. So Peru Illinois might actually work.
My eldest lives in Des Moines and it looks like he will be there until his son graduates from College. (Another 12 years)
However, we are thinking an expat community near Lima Peru. However we are collecting health issues like knick knacks so we will have to see about that.
Cheers
Qazulight
You absolutely can! But they also know you are desperate and will charge “prevailing” rates. Not only that, they will add travel expenses and hotels and all sorts of additional stuff to the bill.
But it isn’t only the reserve analysts, that’s the easy part. It’s the engineering services that 40+ year-old condos need to do. Those are far more expensive and time-consuming. And there’s a Florida shortage, AND a nationwide shortage of engineering firms qualified to do so. It’s not just any random professional engineer that can do these kinds of jobs. And, MANY engineering firms don’t want to touch this kind of work due to the extreme liability (even if not financial liability, the reputational liability is huge, if you inspect a condo, give it a thumbs up, and it falls down 5 or 10 years later, you’re pretty much out of business).
She has the other kind of insurance! If her upstairs neighbor leaks and destroys part of her apartment, she writes a check for $1M to fix it.
(The other kind of insurance is called “money”) 
Right. Both Suze Orman and I are willing to repair any damage to our own condos on our own dime. But I’m not willing to expose myself to the risk of replacing ten damaged condo units if I’m somehow found to be liable for that (say, I’m found to have poorly maintained my gas furnace and the explosion destroys multiple condo units.). Thus, I maintain an Umbrella Liability policy for that risk.
intercst
4 Likes