Do condo owners need homeowners insurance?

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asked May 9, 2019 in Real Estate - Renting by Otmnonzauts (340 points)
Do condo owners need homeowners insurance?

1 Answer

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answered May 9, 2019 by lulumeon (40,870 points)
The entire building of a Condo is usually insured through the Condo Association who takes care of the main building insurance in case of a disaster that destroys the entire building.

The cost for the building insurance usually comes out of the Condo Association Fees that the Condo Owners pay monthly.

But when you have A Condo and are paying a monthly mortgage to buy the Condo then the bank will usually require you to have Condo Insurance to cover the cost of your dwelling.

So when you shop for insurance for your Condo you would get Condo Insurance and not regular homeowners insurance like you would with a regular home when you have a mortgage.

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