5 Questions regarding Condo Insurance in Kansas City If you’re thinking about buying a condominium, you’ll probably need condo insurance. Listed below are 5 questions regarding this unique form of homeowner’s insurance: What is condominium insurance? Although the condo owners association typically purchases a master policy to insure the structure and common areas, should any loss occur inside your unit, the association’s policy usually won’t cover it. Is condominium insurance required? It depends on how you pay for the property. If you’re financing it with a mortgage, you should expect your lender to require it. On the other hand, it won’t be required if you pay cash. How does condominium insurance differ from homeowner’s insurance? The key difference is the amount of coverage provided. The homeowner will most likely need broader coverage as they’re responsible for all facets of the property. Are there different kinds of condominium insurance? Yes. There are several policies that offer varying degrees of protection. What is the cost of condominium insurance? Condominium insurance premiums vary significantly based on several factors including amount of coverage needed, the building’s age, location, and size of the unit. Be sure you compare several insurers and watch for discounts you might qualify for. You can reduce your premiums by increasing your deductible as well. https://www.google.com/maps?cid=11762440658982302319