Become a Licensed NJ Real Estate Broker with NCJAR!

New Consumer Guide: Condominium Insurance

Buying a condominium can offer many of the benefits of homeownership without some of the maintenance responsibilities that come with a single-family home. But when it comes to insurance, condo ownership works a little differently.

In most condominium communities, protecting the property involves two insurance policies: one purchased by the condominium association and another purchased by the individual unit owner. Knowing what each policy covers before you buy can help you identify potential gaps in coverage and avoid unexpected expenses later.

Understanding the Two Types of Condo Insurance

A condominium is typically protected by a combination of the association’s master insurance policy and the unit owner’s individual policy.

The condominium association’s master policy generally covers the building, roof and common areas shared by residents. Depending on the policy, it may also cover certain portions of the individual condominium units.

Read more …