In our neighborhood, it’s not unusual to see older single-family homes leveled and shortly after, two or three-unit condos pop up. This certainly changes the look of our traditional neighborhood as more people move into the same small area!
These condos are very attractive and quite pricey. As I walk by them, I can’t help but wonder if their owners got the “right” insurance. I realize this may not be a common thought of many that stroll through the neighborhood, but it is definitely one of mine!
Here are a few reasons why!
- Every condo association has its own unique Condo Bylaws that determine who has to insure what
- Condo unit owners have to determine how much coverage they need to buy
- Condo unit owners need the insurance coverage from the Condo Master Policy and their individual unit owners policy to work TOGETHER to provide the unit owner with the right insurance protection
- When you close on a condo, your bank may not require you to have a condo unit owner’s policy
In our office, we have had quite a few condo owners who did not realize they needed their own unit insurance. They were under the impression that the condo association had it all covered. Nope!
So if you are looking at condos or know someone who is, please be sure to check in with us to sort out all this condo confusion! We would be happy to review any condo documents you have, to provide you with the info needed to eliminate condo confusion!
Photo credit: Redfin.com