By wrenchbender19 if you purchased the home then you should get HOA insurance or Condo Association insurance its a good idea the condo association wont cover anything check with your loan company and see if they didnt tack it on your monthly payment
By mrs.puckett The bank that you used to finance this purchase through will make you have condo insurance before you can close on it for their protection. But, if you bought it outright with no financing then it is your perogative as to whether or not you want condo insurance.
By QWERTY
It all depends. Each condo association is different. Some condo association rules cover "from the inside walls and out" which means the building but not the contents. Others make you cover the whole thing.
The pros are that if anything ever happens that is covered like fire, etc, you'll get back your stuff. The cons are that if you never have a condo insurance claim, you won't get anything back.
My suggestion...find a good condo insurance agent and have him read the condo association's policy and make suggestions as to what you need.
If you have a mortgage and you didn't purchase condo insurance for the closing, you likely have it already through the mortgage company and that is a very expensive way to buy it.
See an agent.
By mbrcatz17 on
Well, that's a GREAT question. Read the condo association bylaws, it varies wildly.
Some condo association rules and policies only cover to the studs - you're responsible for drywall/plaster, paint/wallpaper, carpeting, appliances, obviously your furniture & contents, etc. They don't cover any LIABILITY inside your unit, either.
Also, they tend to have large deductibles - like $10,000 to $50,000 or even higher.
So, if you don't have any condo insurance coverage, and you have a $15,000 kitchen fire, there might not be ANY coverage under the condo association insurance master policy for you. Or they might pay $5,000 of it. I haven't read your condo bylaws, or the condo association insuranc emaster policy, so I have NO idea. You'll have to do that.
By yellowpepper
you should read carefully the condo association insurance policy and decide if it's enough for you, or it would be better to get your own