Owning your own home is a great long-term investment and a goal that many people share. When you do want to own your own home, it is very important that you carefully consider the type of property that you will buy. For many people in Ohio, getting a condo could be a great option as it comes with many advantages. If you are going to purchase a condo, you also need to make sure that you are properly covered by insurance. There are several reasons why you need to get condo insurance.
Covers Your Asset
Even if you do not have a lender or association that requires you to have insurance, you should still get condo insurance. A quality condo insurance policy will do a great job of protecting your assets. This will include making sure that all your personal assets are properly covered, that your condo is covered and that you have the liability insurance coverage that you need to provide peace of mind.
Required by Lender
Another reason why you are going to need to have condo insurance is that it is going to be required by your lender. Most people that buy a condo are going to need to take out a mortgage. If this is the case for you, the lender will undoubtedly want you to have condo insurance to protect the collateral. You should also check your requirements in your condo association documents.
Buying a condo is a very big decision. Since it is such an important asset, you need to make sure that you get all the support that you can when finding a new condo insurance policy. The team at the Stacy Agency can help you to get into a new condo insurance policy. The insurance team at the Stacy Agency will carefully assess your assets and personal situation to make sure that you get into a policy that is right for you and your situation.