Buyers who are interested in purchasing a Condo always ask what’s required for Condo Insurance and many are initially unaware that the monthly Maintenance Fee for Condos INCLUDES payment for exterior Property Insurance. When you’re purchasing a Condo, the additional Insurance that’s required beyond exterior Property Insurance is coverage for the interior of your Condo and your personal Contents.
The price of Interior & Contents Insurance varies, depending on a number factors, which include, but aren’t limited to, the Building where the Unit is located, the size of the Unit, the Deductible, and the amount of personal valuables that will Insured. Buyers usually ask me to give them an idea of how much this Insurance will cost. My experience when working with Condo Buyers is that a basic Policy for an average size Unit, that provides moderate coverage, will typically be in the range of $800.00 – $1,000.00 yearly, however, please note that you must always obtain Quotes from Insurance Agents in the process of securing an Insurance Policy for your Condo prior to Closing.
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