Insurance when buying a condo?

Considering buying a condo…assuming that building is already insured, I only have to buy insurance for my contents, correct? Anything else I need to know?

As an owner, in most residential condominiums buildings, you personally own the area used by you, and under your exclusive control, from the inside of the interior perimeter walls inward. That would include things like tubs, sinks, built-in cabinets, fireplaces, etc.

The building’s structural, electrical, plumbing and mechanical components outside of those interior walls are typically jointly owned by the members of the condominium.

You will most likely be personally responsible for insuring any contents within your living/storage areas and for any liability issues occurring in those spaces. In addition you will pay for the common property’s insurance through your condominium fees and dues.

There can be a ton of variables, read all the agreements and contracts carefully BEFORE you sign them.

I’m not a lawyer and this is not legal advice.

A normal single family home is insured with a HO3 policy and it covers the dwelling and the contents, except for separately scheduled items. The policy you get for a condo is called an HO6 and covers the contents and the finishes from the walls in…

The condo complex will have a master policy for structure, wind, storm damage and liability. That will get paid for from your monthly COA dues.

Depending on where you are buying…check to make sure you can get a HO6 policy. There are many carriers that are leaving the state of Florida and it is sometimes difficult to get one.

Very helpful, thank you!