Owning a condo is an investment that can also double up as a home. As with any investment, some risks are inherent which require mitigation. Failure to mitigate risks may lead to loss of the investment or in some of the investment's value.
The condo building that a condo is in is usually covered by a master policy purchased by the condo association. The unit owners are required to pay condo fees for these policies. The master policy insures the employees and communal areas of the condo association. This policy benefits everyone. However, this policy only protects the building exterior, gyms, pool, hallways, and parking lots. This is where condo insurance comes in. Condo insurance covers just one entire unit.
The owners of condos are usually covered by a condo insurance. If you are a member of an association that is composed of row homes, townhomes, or condominium units, then condo insurance is for you. Condo insurance will be required if you plan on owning one through a mortgage. This is very similar to how renters and homeowners need renter's insurance and homeowner's insurance respectively. At Castillo and Associates, Inc., we can get a quote for you at our offices if you are in the New Jersey area.
The risks you may face when you own a condo are varied. Condo insurance covers these risks which include:
We have expert agents who will help guide you through various policies we offer at our offices in New Jersey. Call or visit Castillo and Associates, Inc. today for more information and a quote on condo insurance.