When you take out a mortgage for a property, no matter if it’s a new single-family home, a townhome, or even a condo, the bank won’t officially hand you the keys until you’ve provided documentation stating that you have purchased an insurance policy for your property. Why is this? This is because the bank needs proof that they will be covered in case something would happen to your property, after all when it’s under a mortgage they are really the owners of the property, not you.
To help you in looking for condo insurance, here are 3 things you need to know.
The Difference Between a Condo and a Single-family Home
When reading over your insurance policy’s terms, you should know that this is a difference between condo coverage and single-family home coverage. With an condo, there are different questions you need to know the answers to. The way …