I have heard many times over the years from Agent, lenders and clients. That they or their clients, don’t need Insurance; The Condo association covers the building. This is partially correct.
The Condo association usually covers the Roof and building shell, you are responsible for the interior walls, fixtures, flooring as well as your personal property held within the dwelling. and liability
Here is a break-down of the coverages:
Coverage A - Dwelling: Declared Value.
Coverage B - Other Structures: Part of Coverage A.
Coverage C - Personal Property: $10,000 minimum.
Coverage D - Loss of Use: 50% of Coverage C.
Liability: Minimum of $100,000.
Medical Payments: Minimum of $1,000.
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