Do condo owners need home owners insurance?

Updated: 9/24/2023
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10y ago

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Yes, if you own the property you need to insure it in case it catches fire etc. You need to do this whether you live in it or rent it out. If you live in it yourself you should also add contents insurance for your furnishings etc.

If you rent it then all you need to do is insure the contents (which are yours or you are responsible for) not the property itself.

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Q: Do condo owners need home owners insurance?
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Should you renew your home owners insurance if you have filed for bankruptcy and your debt has been discharged?

If the note holder has taken possession of the property then they are the current owner, you do not need to maintain a home owners insurance policy. This is because you are no longer the home owner.

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I don't see any need for liability insurance in the case you described. In cases where you have a homeowners association or a condo owners association and they own common property such as a swimming pool, parks, roofs, sidewalks, etc. then they would have a need for both property and liability insurnance to cover these areas. This is what you dues are in place to pay for as well as maintenance.

Can you buy car insurance if your car is not registered?

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Do insurance companies pay for your tree which way blown down by wind?

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Can you get condo insurance in Florida with existing damage from Hurricane Wilma and are waiting for condo association to fix inside walls so you can fix drywall and paint and recarpet?

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How is one protected under car owners insurance when one drives and is in an accident with a party that does not have insurance?

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North Carolina Commissioner of Insurance If refinancing a condo do I have to insure my condo for the full mortgage amount or only my the personal property and proof of HOA Master Policy?

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You'll need to check your policy or contact your insurance agent to find out if you have coverage for ground movement. Most homeowners insurance policies do not provide coverage for damages resulting from ground movement as this normal and expected over the life of a structure.