If you are in the process of purchasing a condo or own a condo, you may notice that your lender and/or condo association requires you to carry condo insurance. Many owners do not understand what condo insurance is, how it differs from homeowner’s insurance, and why they are required to carry it. Here at Moore Insurance Network, serving the state of Pennsylvania, we want you to understand what condo insurance is, why you need it, and how we can help you purchase it.
What is Condo Insurance?
Condo insurance is very similar to homeowner’s insurance. The one major difference between the two is that condo insurance covers items contained within the walls that make up your condo, rather than the entire building as a whole. This is because the condo building owner is responsible for the exterior of the building and common areas. Condo insurance covers items contained within your condo building.
Can You Be Required to Buy Condo Insurance?
If you have a mortgage or loan out on your condo, it is very common for the lender to require you to buy condo insurance as part of your contract. Additionally, it is widespread for a condo association to require you to carry condo insurance on your condo, even if you own the condo outright. Always read your contracts with these two parties to see if you are required to carry this type of insurance.
Even if you are not required to carry condo insurance, it can be wise to have condo insurance. Condo insurance protects the investment you have made when buying the condo, as well as the belongings that you keep in your condo.
Moore Insurance Network, serving the state of Pennsylvania, can help you when you are looking to purchase a condo insurance policy. Get an easy to obtain and free quote by contacting us today.
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