Condominium purchases have skyrocketed in the United States over the last 10 years. The condo life offers many benefits such as downtown metro living, quality and elegant spaces, and near care-free maintenance issues. But buying insurance for a condo is not the same as buying insurance for a single-family home.
The Role of The Condo Association
When you purchase a condo you are also buying into an association run by the condo owners. The association takes care of most rules & regulations around the property, safety & security, as well as most maintenance issues. In fact you might think of the association owning all of the “outside” and common areas of the condominium building or complex. That means they are responsible for all outside maintenance issues such as new roofing, siding, and painting, as well as all yard work and parking lot improvements and maintenance. That also means that the association purchases structure and liability insurance in case of damage or personal injury on all public and common areas.
The Role as a Condo Owner
That leaves you, the condo owner, to be responsible for all “inside” maintenance such as fixing leaky pipes or repairing damaged walls. A condo homeowner’s policy is much like a renter’s policy. You need to insure your private property and belongings from damage or theft. But unlike a full homeowner’s policy that covers all structural damage, liability, and personal property for a house and land, condo insurance will help pay for damage to inside structure as well as liability for injury inside your space and loss of personal property.
Condos are often the way to go for people with a busy lifestyle. They offer easy, maintenance-free living in a multi-family setting. Usually condos offer great spaces with spectacular views, and even convenient locations such as downtown living. And the added benefit to condo life is the affordable insurance offered to condo owners.
