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There are many convenient aspects to living in a condominium or townhome community. However, moving into a condo or a townhouse can also present challenges when it comes to protecting one of your largest investments.
Most planned communities or common interest developments maintain a master insurance policy that offers coverage for building structures and limited common elements (e.g. elevators, pools, roofs, and lawns), along with liability protection. The fees for this insurance coverage, along with the costs to maintain and repair common elements, are usually shared by all of the community homeowners through association dues.
However, the association’s insurance coverage only extends to a certain point, and then you need your own insurance policy to protect the rest. For example, the master policy may not cover certain issues that can specifically occur inside your unit, such as:
If you’re a condo owner, here is the most common type of insurance for your unit:
Contact your insurance agent to discuss your options, or contact one of our experienced agents at 1-866-294-2571 to learn more about condo insurance.
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Please review your insurance policies carefully, as coverage and exclusions vary.
Wells Fargo Insurance, Inc. (Minneapolis, MN) is a licensed agency that represents — and is compensated by — the insurer based on the amount of insurance sold. No purchase of an insurance product through Wells Fargo is required.