Insurance is a necessary evil. Insurance protects you in case something goes wrong – you hope nothing happens, but when it does, insurance is there to make sure it doesn’t end up costing you a fortune . You decide to on the type and amount of insurance you buy based on how much you are willing to risk.
Condominium Associations and their Unit Owners face unique insurance considerations that are affected by recent legislation, market conditions and other factors. While the Association maintains certain Property and Liability insurance coverages for the benefit of the Association and its members, they do not fully cover the exposures faced in all instances. Renters need insurance too.
Whether you lease out or live in your unit or you rent the unit from someone else, you will need to purchase additional insurance coverage. Please contact the professionals at AJM Real Estate or your own qualified insurance advisor for more information on this important topic.