New Condo Owners

Answer 1

You finally purchased the condo you have always dreamed of. Now it's time to insure your possession. When purchasing condo insurance it's important to know you are going to need two kinds of insurance. Your homeowners insurance covers your new home and a master policy covers the common areas in the condo.

The master policy is provided by the condo association. As stated above it covers the common areas in the complex such as the roof, basement and sidewalks. Make sure you read the fine print in this policy, as you don't want to be surprised if something happens. Ask your agent if your insurance coverage will protect you when and if something happens in one of the common areas.