One of the questions that we at LG Insurance Group is often asked is whether you are required to carry condo insurance if you own a condo in the greater Marietta, GA area. In most cases, you are required to carry insurance. If you are wondering if you are, there are two key pieces of information that you need to read to determine if you are. Here are the documents you need to read to see if you are legally required to carry condo insurance.
Your Mortgage Documents
If you have a loan out on your condo, odds are, you are required to pay for condo insurance. This helps to cover the lending company’s interest in your home until the loan is paid back. The lender can no longer require you to carry the insurance once your loan is paid back in full.
Your HOA Agreement
While a lender cannot require you to carry condo insurance once your condo is paid off, your condo’s home owner’s association may require it. This is because a toilet leak or dishwasher leak in this type of unit may not only affect you, but it can affect the people living below you. This insurance covers any damage that starts in your unit but may spread to other units. Read your specific HOA agreement or ask the association if they require you to carry this type of insurance even if your condo is paid off.
Even if you are not required to carry condo insurance, there are many benefits to having it. Just like home insurance, it helps protect your residence and belongings from unexpected problems. If you are looking to learn more about condo insurance or looking to obtain a new policy in the greater Marietta, GA area, let LG Insurance Group help. We can answer any question you have or put together a policy for you.