Condo insurance is not the same as insurance on conventional homes or renters. Condo owners need to ensure that their policies cover all their possessions that are not covered by the Condo Association’s insurance policy. By reading the fine print in the purchase agreement and the insurance policy, a condo owner can determine exactly what type of insurance policy will cover what is not covered by the collective insurance already provided.
The condo association will normally collect dues from owners to cover common areas of the complex and sometime installations. The association’s bylaws will state exactly what is covered under the association’s policy. The association’s policy may have a deductible, which is usually divided equally among the unit owners. Collectively, owners may have a “bare walls” policy which covers all real property from the exterior framing inward, but does not cover fixtures or installations within a condo unit. Another type of policy referred to as an “all in” policy covers fixtures and installations, along with the structure and any common areas. The owner needs to know if the policy is cash value, which covers the cost of replacing the items minus depreciation, or if it covers the full replacement cost.
If the association has a bare wall policy, the owner must buy insurance to cover features such as countertops, bathroom and kitchen fixtures, flooring and personal items. With an all in policy, the owner may only need to cover personal items. Most insurance companies offer a special unit owners policy, but to save money and ensure that all items are covered, the condo owner needs to determine what he owns and what is covered by the association’s policy. Condo owners are typically responsible for insuring just their property, but the rules differ from complex to complex, and it's important to ask the right questions to ensure you have proper insurance coverage. Usually, condo owners are not responsible for cutting the grass or shoveling ice from the front walk, but they must insure that the proper condo insurance is in place to protect them from any lawsuits related to these things.
HO6 condo insurance covers damage to the interior of the condo and the possessions therein from things such as fire, theft, water damage, etc. The master policy that covers the building only covers exterior damage. HO6 insurance would be necessary in places where wild fires or other natural disasters are somewhat frequent.
Your mortgage lender will help you qualify, regardless of the type of real estate you want to buy.
You can buy a condo by going to websites such as Craigslist and finding available condos for sale. In addition, you can see the newspaper to buy a condo.
Mortgage insurance
In order to determine how much household insurance you need, you first need to determine the value of your home, and the personal belongings you have in it. You can get an insurance agent to help you with it.
The cost of a condo depends on the size + quality. If you are looking to buy an amazing condo, about $50'000 is gonna go out your wallet.
In case a client sues, what type of insurance do MT's buy to cover their work?
When you test drive it, yes. Once you commit to buy it, insurance is your responsibility.
It would depend on what typwe of insurance you want. You may buy fire insurance for your home however you cannot buy life insurance and you might be able to buy car insurace. No matter what type you buy it will be expensive.
Whether or not it is better to buy a house or a condo will depend on what type of living space is being looked for. A house will usually give some privacy and is not connected to another building. A condo is always connected to another apartment and less privacy is available.
Your mortgage lender can answer this question for you.
Yes, of course.