When buying a condo, you may be required to get condo insurance. Many people get condo insurance because they’re required to, and many more get condo insurance because they think it’s an excellent way to protect themselves financially.
If you need condo insurance, the Harrison Insurance and Financials LTD professionals servicing Hailey ID can help. We provide condo insurance to customers who want to protect their investments and enjoy coverage when certain events occur.
Who Is Required to Get Condo Insurance?
Most people are required to get condo insurance when they purchase a condo. Here are the two entities that may require you to get condo insurance:
- Mortgage lender. If you used a bank loan to buy your condo, then your mortgage lender will require you to get condo insurance to protect that investment. Mortgage lenders will not loan the money until the condo insurance policy is in place.
- HOA. Many homeowner associations require condo owners to have condo insurance. HOAs make condo insurance ownership a condition of the purchase.
Why Get Condo Insurance?
Even if you’re not required to get condo insurance, having it can still be beneficial. Condo insurance protects your investment by paying to replace belongings and repair your condo interior if a covered event occurs. It can provide peace of mind and make recovering from a covered event much easier and less expensive overall.
Need Condo Insurance? Call Us
If you need condo insurance, the professionals at Harrison Insurance and Financials LTD servicing Hailey, ID, can help. We provide condo insurance coverage and work with a range of carriers to help our customers find the best coverage for their needs. Call today.
