So you have finally got the condo that you have been desiring to buy for a long time. You may have searched for a long time and in a wide variety of locations to find one that is just right for you. Now comes the task of insuring your condo just in case there is a loss that happens.
Condo Insurance at a Glance
- Condo insurance is much like home insurance except the condo association will have a policy for the basic structure of the complex. This may be referred to as a master policy.
- Usually the owner is responsible for repairing from the studs in case of a total loss.
- The owner will have to buy a condo policy to cover not only the inside of the structure but also their own belongings
- The owner must also choose how much liability amount they need in case of a lawsuit.
Make sure to get the right kind of policy for your condo. After all, you do not want to have live in a house with no drywall or floor coverings. The reason why condo insurance is loved by a lot of people is because it takes care of repairing a persons home when nothing else will.
