Housing Counsel: Individual Insurance Important for Condominium Units
| We have purchased several single family homes, and our lender has always insisted that we obtain a hazard insurance policy before settlement. We are about to purchase our first condominium unit, and our real estate agent has advised that we do not need any insurance, since the entire association is covered under what they call a master policy. Is our agent correct? |  |
This is your space; this is where you live; you own it. You pay real estate tax on your unit and can obtain a mortgage loan using your unit as security. In order to determine what is your space, you have to read your Declaration. Additionally, the units will be shown on the condominium Plat and Plans. Limited Common Elements is a common element and is reserved exclusively for use by one or more, but less than all, of the unit owners in the condominium. Limited Common Elements may include balconies, roof decks, storage areas and parking spaces. The Declaration will define Limited Common Elements and the Plats should show where in the complex they are located.
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