You might need it if required, but it’s still a good idea to get it even if not required.
When would you be required to get condo insurance? Sometimes the condo association/HOA requires you to get it when buying the condo. If you had the condo for a while, you will find that you might be required to get it now that you are refinancing your loan through a mortgage company since mortgage guidelines have changed (which I see a lot).
It’s still a good idea to get it because it provides coverage for your personal items and for the internal items of your property that you improve (known as betterments.) It basically fills in the holes and supplements the policy the condo association has on the entire building. Talk to your agent because there are a lot of important reasons to have condo insurance, such as for loss assessment (commonly found with condos and townhomes), losses caused by a neighbor that does NOT have insurance, or losses happening because of your own doing.
The insurance only costs $100-$400 per year depending on what you need. Protect your investment and get the coverage, even if it isn’t required.
Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
Condominium coverage requires a different form from the standard homeowner’s package. However, it provides many of the same coverages. The chief difference is that the structure itself is generally insured under a blanket condominium association policy, not the condominium form.
The owner of each unit is normally not responsible for the structure, its maintenance or insurance. The owner of a unit is not responsible for the general areas such as gardens and walkways surrounding the condominium. The owner’s responsibility is for property contained within the structure, to include internal walls, and paint.
When a person purchases a condominium they generally secure a mortgage. The mortgage companies will require the owner to purchase a policy to protect the lender’s interest in the property. They want coverage for what they loaned you money to purchase.
The amount of coverage under a condominium policy includes the amount required to restore the condominium in the event of a covered loss. At the same time the condominium policy provides a way for the homeowner to insure their own personal property (furniture, decorations, appliances and other property.)
Agency Owner, The Thomas G Sheehan Agency, 27 Glen Road Sandy Hook, CT 06482
The type or form of coverage that you would want to discuss with your Insurance Provider is a Condominium Unit Owners' policy. While these are similar to a Homeowners' Policy, they differ in that the primary coverage that they provide is for your personal property and liability, not the building itself. There are elements of the policy that provide optional and custom coverage for any strtuctural or permanent cosmetic changes or upgrades that you have made such as adding crown molding, replacing flooring, installing cabinets or changing counter tops etc. These should all be discussed in order to design a policy that best meets your needs.
Manager, Marindependent Insurance Services LLC, California
If you do not have a mortgage or your HOA do not require it, than you may not Need Condo Insurance, however you should still get it.
Condo coverage is incredibly complicated in comparison to regular home insurance in that it generally works in tandem with your master building insurance policy. Depending on your master building insurance policy though likely you will be on the hook for physical damage inside the unit.
Condo coverage will also cover you for Liability, and Loss of Use. Loss of Use is the cost to stay somewhere else during the time it takes to repair your unit for a covered loss.
People that also rent out their condos should also have coverage.
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When would you be required to get condo insurance? Sometimes the condo association/HOA requires you to get it when buying the condo. If you had the condo for a while, you will find that you might be required to get it now that you are refinancing your loan through a mortgage company since mortgage guidelines have changed (which I see a lot).
It’s still a good idea to get it because it provides coverage for your personal items and for the internal items of your property that you improve (known as betterments.) It basically fills in the holes and supplements the policy the condo association has on the entire building. Talk to your agent because there are a lot of important reasons to have condo insurance, such as for loss assessment (commonly found with condos and townhomes), losses caused by a neighbor that does NOT have insurance, or losses happening because of your own doing.
The insurance only costs $100-$400 per year depending on what you need. Protect your investment and get the coverage, even if it isn’t required.
The owner of each unit is normally not responsible for the structure, its maintenance or insurance. The owner of a unit is not responsible for the general areas such as gardens and walkways surrounding the condominium. The owner’s responsibility is for property contained within the structure, to include internal walls, and paint.
When a person purchases a condominium they generally secure a mortgage. The mortgage companies will require the owner to purchase a policy to protect the lender’s interest in the property. They want coverage for what they loaned you money to purchase.
The amount of coverage under a condominium policy includes the amount required to restore the condominium in the event of a covered loss. At the same time the condominium policy provides a way for the homeowner to insure their own personal property (furniture, decorations, appliances and other property.)
Condo coverage is incredibly complicated in comparison to regular home insurance in that it generally works in tandem with your master building insurance policy. Depending on your master building insurance policy though likely you will be on the hook for physical damage inside the unit.
Condo coverage will also cover you for Liability, and Loss of Use. Loss of Use is the cost to stay somewhere else during the time it takes to repair your unit for a covered loss.
People that also rent out their condos should also have coverage.