Congratulations on your decision to become a condo owner. You'll not only have a wonderful new place to call home, but you'll also have both individual and common insurance needs. Individually, you need to protect your personal property, and you also need protection from liabilities and additional assessment fees. With your fellow condo owners, you share certain responsibilities, such as building upkeep, as well as common liability.
Your condo insurance can help protect you against loss from theft, both at home and away, losses for accidents to visitors in your home, and more. If a guest or family member is injured on your stairs, would you be able to pay the medical expenses? If lightning causes damage to the exterior portions of your condominium building, will your association carry enough insurance to repair everything? If a storm causes your condo to be uninhabitable, are you prepared to pay for the additional living expenses?
With the right condo insurance, you should be able to relax in your new condo with the peace of mind that you're in good hands. But before you go to closing, here are a few things to look for:
1. Test all appliances.
2. Turn on all water faucets to check water pressure.
3. Adjust the thermostat to make sure heat turns on.
4. Examine the ceilings and walls for spots which might indicate leaks.
5. Look for loose wires and electrical fixtures without covers.
6. Make sure all the doors and cabinets open and close easily.
Maybe these are things you've already taken care of, but if not it's better to plan for the worst while you hope for the best.
