Thinking about buying a condo? Here’s what you should know about insuring it
We talk to consumers a lot about homeowner and renter insurance, but condos are a type of housing that have unique insurance considerations.
The number of condos being built is on the rise in the Seattle area – more than 2,000 are slated to be built in Seattle and Bellevue through 2021.
Each unit owner should purchase their own policy that covers their contents and the space they own, sometimes defined in the policy as from “sheet rock in” or “paint in.” Unit owners can check with their agent or insurer to find out if there is coverage for the association’s deductible assessment under the unit policy.
The most common type of inquiry we receive from consumers involves claims where water damage to one condo unit affects another unit. Unless there is clear negligence on the part of the owner whose leak caused the damage, each individual condo unit policy pays for the damage to their own unit.