Understanding Insurance Needs For Your Condo Investment
Owners of primary residents or vacation condominiums have special needs to onsider when purchasing insurance protection. Condo owners need two policies to protect their investment, according to the Insurance Institute.
Personally, the condo owner needs an individual policy to protect dwelling contents, as well as structural improvements on the interior of the unit and coverage for fire, theft or other disasters covered in the policy.
Collectively, the condominium association should have a master policy that covers the common areas the condo dweller shares with fellow owners. This would cover the the roof, common walls, pool, and areas like sidewalks, walking trails, landscaping and parking.
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