Is Condo Insurance Mandatory?

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   Edward Brown

   The first thing you need to do is to refer to the bylaws of your condominium association. These should stipulate the requirements of coverage for unit owners. It will also give you an idea of what is and is not covered by the master policy that the association carries (assuming that they have a master policy, as not all do.) Next, you would need to find an agent /broker that can place an HO-6 (Homeowner Insurance specifically designed for condominiums) for you. Also, if you have a mortgage on the unit, your lender may require you to carry coverage of certain limit to protect their interest, or they may force place coverage on your loan (this is usually expensive and only protects their loan amount and not your liability or contents.) Make sure you consider loss assessment coverage for any special assessments that may arise from the condominium association. Hope this helps.

   Answered on May 7, 2013

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