Every condo owner should be aware of their condo insurance policy, what is covered and what’s not. Additional insurance may be required by your condominium declaration or rules, so it’s important to stay current with your insurance, especially if you’ve just purchased a new condo.
Once you have made the decision to purchase a condo, it is important to understand the different types of insurance coverage that are available to you. Condo insurance is different from homeowners insurance in that it covers the structure of the building and your personal belongings, but not the land on which it sits. This type of policy can be a great option for those who live in a condo, as it can help protect you from unexpected costs in the event of damage to your home or personal belongings.
Before you purchase a condo, it is also important to be aware of any shared responsibility or co-op fees that may be required by your condo development. These additional fees are separate from the monthly HOA dues and help cover the costs for common areas, such as landscaping and snow removal.
Our agency can help guide you through the process of purchasing condo insurance and answer any questions you may have. We can also help you find the best policy to fit your needs, whether you’re a first-time homebuyer or experienced condo owner. Contact us today to learn more.
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