Tips & Traps When Buying A Condo, Co-op, or Townhouse Condominium owners need a condominium owner’s insurance policy. It protects against negligence liability, such as when somebody is injured in the owner’s condo. The policy also provides coverage for fire or other damage to your furnishings, theft, accidents and damage to the interior of your condominium. The homeowners association carries a master insurance policy on the buildings and common areas. This policy provides liability coverage and for structural loss such as due to fire, wind, water damage (but not flooding) and other coverages.

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