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That is when she learned the harsh truth about the difference between condo and homeowners insurance. If you're a condo owner, it's important to know these differences from the start: Show comments
Homeowners insurance vs. condo insurance. Buying a condo is more similar to buying a home than a co-op. When you buy a condo, you own the unit and likely need condo insurance to insure it properly ...
Piecing together the puzzle that is a condominium insurance policy can be tricky. As a condo owner, your insurance needs differ from those of a single-family homeowner. Understanding those ...
The cost of homeowner's insurance often depends on what it would cost to replace the house and which additional endorsements or riders are attached to the policy. The insurance policy is a legal contract between the insurance carrier (insurance company) and the named insured(s). It is a contract of indemnity and will put the insured back to ...
Passage of the Condominium Act then opened a wave of construction of condominium buildings. [40] The cooperative form can be advantageous as a building mortgage can be carried by the cooperative corporation, leaving less financing to be obtained by each co-op owner. Under condominium ownership only the separate condo owners provide financing.
The parts of a homeowner insurance policy. A homeowners insurance policy includes a variety of coverage types, each one with its own monetary coverage limit. The central element is dwelling ...
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