When is it required to get condo insurance?

People that live in the St. Augustine, FL area should consider purchasing their home. One great housing option to consider would be to purchase a condo. When you get a condo, you are going to have a property that offers you a lot of comfort and security while minimizing your maintenance obligations. If you do purchase a condo, you should carefully consider your insurance needs. There are several situations when having condo insurance will be a requirement. 

When Taking Out a Loan

One situation when you will need to get condo insurance is when you are going to take out a loan. Similar to if you purchase any other property or major asset and finance it, the bank will want to ensure that the underlying collateral is protected. If you get a condo insurance policy, it will ensure you will have the ability to repair or replace your condo or use the insurance proceeds to pay off the loan. 

When in an Association

You will also need condo insurance if you are in a community that has a condo association. Most condos in this area of Florida are going to require you to carry insurance at all times. The bylaws will have rules that govern the level of coverage that you need to have. 

It is almost always required for someone in the St. Augustine, FL area to get condo insurance. If you are going to get a condo insurance policy here, you should speak with the insurance team at Tim Huber Insurance. When you call Tim Huber Insurance, you can get the support that you need to pick a policy. This will help to ensure that you pick a policy that keeps you in compliance with all obligations and properly protects your asset.