Condo insurance has some very significant differences from traditional homeowners insurance. The notable is how the Dwelling or Building is insured.
When you purchase a condo you are purchasing the air in side the building. The majority of the structure is not yours. Therefore the insurance you purchase does not need to cover the entire building.
Additionally when you own a condo you will most likely be part of a condo association. If there are problems with the building or public space you can be Assessed as part of association to fix damages.
There is coverage on your condo policy for loss assessment.
Watch this video “How is condo insurance different from homeowner insurance?” for more details:
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created by Ryan Hanley