Part of the condo expenses are allocated to insurance coverage, protecting the building and its common areas. This insurance typically includes the following: Building insurance, which covers structural damage and liability for common areas Liability insurancein case of accidents or injuries within the ...
The insurance policy also offers liability coverage for any legal or medical expenses that may arise if a resident or guest experiences a slip, fall, or injury in a common area of the complex and decides to file a lawsuit seeking compensation. For example, if someone trips and falls on the...
One of the crucial factors to consider when purchasing a condominium is insurance. Inquire about the insurance coverage provided by the condominium association. Understand what areas of the building are covered under the association's policy and what you need to insure individually. Additionally, find...