Is Homeowners Insurance Needed For A Condo?
37376 POINTSview profileDavid G. Pipes, CLU®, RICP®Business Development Officer, T.D. McNeil Insurance Services, Fresno, CaliforniaThere is a specialized form used for condominiums. Lenders require that the condo be insured to protect their interests. The trick is to coordinate the association policy, which covers the building and the condo policy which covers everything inside the external walls. So if a mortgage company loans $400,000 on a condominium they want to know that the building will be replace in the event of a covered loss and that the interior of the condominium will also be replaced.Answered on June 18, 2014flag this answer
21750 POINTSview profileJim WinklerCEO/Owner, Winkler Financial Group, Houston, TexasThat is a great question! It is always wise to insure your investment in any home purchase. In many cases your lender will require it to protect their investment. You definitely want to have a form of Homeowners to protect you, and your investment, as well as all of the things that will be in the condo with you. Thanks for asking!Answered on June 18, 2014flag this answer
14231 POINTSview profileTom SheehanAgency Owner, The Thomas G Sheehan Agency, 27 Glen Road Sandy Hook, CT 06482A Homeowners Insurance policy includes coverage for the Dwelling structure itself, your personal property and Liability exposure. This is a form that is needed if you own a single family home for example. However, as a Condo Unit owner, in effect you own the space within the walls of your unit and not the actual structure itself. In this case, you should talk to your Insurance Professional about the purchase of Condominium Unit Owners' policy.Answered on June 19, 2014flag this answer
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