Samara Siewers: residence and co-op vendors certainly assume that sufficient coverage is roofed of their association costs, which permits fund a carry close coverage. notwithstanding, this coverage purely covers consumer-friendly walkways, hallways, boiler, elevator, roof, and basement for actual damage and criminal responsibility. to guard themselves and the sources interior their unit, vendors favor to purchase a own abode coverage coverage, an HO-6, designed for condos and co-op apartments. The HO-6 will also conceal own contents. An HO-6 coverage might want to value below a proprietor of a house's HO-3 coverage. at the same time as townhouse coverage is equivalent to residence coverage, both variety in some respects. once you personal a townhouse, you may want to insure your lot besides. this may contain timber, shrubs, and outside platforms....Show more
Tory Clapper: Rules vary so be sure to check with the selling agent and the Homeowners Association. Inquire a! bout the officers of the HA. If the president is a butt you could have many problems. Ask some of the tenants before buying.
Tracy Huesso: The structure insurance is always included in the HOA dues, likewise with the liability insurance on the common areas of the development.You as the homeowner must provide your own insurance for the your personal belongings. Every major insurance company has a condo package(s) to fit your need. It is very similar to renters insurance and is a lot less expensive than a policy on a SFR would have, because they are not insuring the structure for fire and other perils....Show more
Marvella Benward: It depends whether it is a condominium OR a townhouse - they are not the same thing, legally, and you would not own the same portions of the building. What you would precisely own varies by state, but generally, you own the exterior walls, floor, and ceiling in a townhouse, but in a condo the exterior walls, floor, and ceiling are ! owned by the association, with you owning the interior paint, ! carpet, tile, etc. Whether you own the air conditioner, cabinets, plumbing, wiring, etc. is also a matter of whether you are in a townhouse or condo, and what state you live in. Confused? You should be. It's not an easy question.The type of insurance you should get depends upon whether you live in a condo or townhouse, the community's governing documents, and state law. Confused? Good. You should be.I recommend starting with asking the property manger whether the property is a condominium or townhouse. Then, see an insurance agent and buy the type of insurance required - the agent should know the correct type to issue. And if the agent issues you the wrong type of policy, then you can sue the agent for negligence....Show more
Karey Dunken: Your best bet to find out the information about the type of insurance that the homeowners association carry and the liability, before you buy you should look at the CC&R, by-laws and get a copy of the insurance policy. The ! homeowners association is required to prove the insurance on a condo or townhouse prior to a lender approving a mortgage loan, so this is not a strange or weird request from a buyer.You may purchase additional insurance to cover your household items or add to a possible existing policy.Your real estate agent would absolutely be of no help to you in this case, the homeowners association is the place you will find the answers.I hope this has been of some use to you, good luck."FIGHT ON"...Show more
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