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Condominium When you purchase a condominium you are actually purchasing the right to live in your unit and a proportional part of the overall property. If the condo corporation had 50 units and you purchased one unit you would be 1/50th owner of the overall property. This leads to some very interesting insurance issues. The condominium corporation is responsible for insuring all of the building structures and common areas. This includes support walls, interior fixtures and other building attachments that were original to the construction and finishing of the units. You are responsible for insuring your contents separate from this corporation insurance as well as any betterments and improvements you make to your unit. A common example would be that if you replaced the carpet in your unit you would be responsible for insuring it. There are two main types of Condominium Owners policies: customer-service@dodgson-insurance.com << back to property insurance |
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