Condominium insurance is similar to home insurance, but it covers more than just your building. When you buy condo insurance, you’re purchasing protection for both your unit and belongings as well as the shared spaces of the condominium complex.
Condo insurance is not legally required in all areas, but it’s a common requirement- especially in newer complexes, or when a condo board takes out a major loan. If you’re considering purchasing a condo in an area with no regulations in place, talk to your realtor and the condo board to find out if this type of insurance is currently necessary.
Condo insurance is typically more affordable than home insurance, and it serves a wider range of purposes due to the shared spaces in your complex. In addition to your unit and belongings, condo insurance typically protects your common areas and shared spaces. This includes any balconies, walkways, pool area, tennis courts or playgrounds within the complex- essentially anything that doesn’t belong to an individual unit.
If you’re considering condo insurance, there are a wide range of options you can choose from. To get the most out of your policy, contact us and set up a free consultation – we will happily talk you through your choices and help you find the best value for your money.
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