answersLogoWhite

0

Do condo owners need home owners insurance?

Updated: 9/24/2023
User Avatar

Wiki User

10y ago

Best Answer

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.

User Avatar

Wiki User

10y ago
This answer is:
User Avatar

Add your answer:

Earn +20 pts
Q: Do condo owners need home owners insurance?
Write your answer...
Submit
Still have questions?
magnify glass
imp
Related questions

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.


How do you obtain a home and contents insurance in Alberta?

You need to pick a company and get a quote. For home owners insurance they will need some information about your residence. Including, the year it was built, the size, and what type of heating the residence has.


Does a subdivision without common areas need liability insurance and why?

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?

Why would you need insurance if your car isn't going to be driven on public streets? Now... if you plan on preserving your car as a collectors item or the like... you can add it to your home insurance. Car insurance companies aren't going to insure a car that isn't being driven - if you have a collection at your home, it'll go under your home-owners insurance. ANC, esq.


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

They wont cover it with a regular HO(Home owners) Policy, you wound need to buy and endorsement.


If the court has told you you need insurance within a month but you no longer have a car what type of insurance do you need?

You will need non-owners insurance. Most companies offer this. This is for people without regular access to a vehicle.


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?

Probably not. Insurance companies do NOT want to offer insurance when there is pre-existing damage present, as the old damage could be covered under the new policy. Which makes sense, b/c they were not your insurer at the time and therefore should not be held responsible for repairing old damage. It seems to me that you may have to check with the Florida Department of Insurance and pursue coverage through the Citizens Property Insurance Corporation. I also recommend asking for legal advice pertaining to the fact that the condo association hasn't repaired their part of the damage yet. Unless the delay is a result of something beyond their control, they need to have someone light a fire under them to get this taken care of. It's not fair to any of the condo unit owners that their ability to get insurance be limited b/c of them. Also, many companies do not offer new insurance if you have gone with a lapse of coverage... even for a condo, this is a common underwriting guideline in FL. I encourage you to pursue your options with the Florida Department of Insurance. Best of Luck!


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

You need to have uninsured motorist insurance as a rider on your insurance. If not you will have to sue the uninsured driver.


How do you become a home insurance salesman?

You need an insurance license first.


Do all business owners need commercial auto insurance?

The only time you would not need it is if your personal auto insurance policy already covers you for your business use. If they would not cover then you need to purchase commercial insurance for that vehicle.


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?

Your board or your management company can help you determine how much personal property insurance you need to carry in your HO-6 policy, depending on the coverage available to you in the master insurance policy.You don't want duplicate coverage, nor do you want any gaps in coverage.If, however, your question has to do with mortgage insurance, ask your banker what kind of mortgage insurance you need in order to cover your refinanced amount.


Does home owners insurance cover foundation cracks from soil shifting?

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.