Much like the house purchasing process, an important step in purchasing a condo is obtaining household insurance. This could protect you from unforeseen problems and damages. For example, when a fire or leaky pipe in your unit damages another, you may be personally responsible for the damages, not the condominium insurance policy.
However, a recent study by Abacus Data, commissioned by Allstate Insurance found that a large portion of condo owners think they don’t need household insurance. Read the full article here.
Before purchasing a condo, we encourage you to make sure that you are aware of the different types of insurance policies, and the costs associated with them.