When is condo insurance in North Carolina necessary?

Asheville, NC, continues to be one of the fastest-growing communities in the country. When you move to this part of the country, you will find that it can be a great place to own a home, and condos offer great on-site amenities that can make them ideal housing options. If you are looking to buy a condo, you do need to have insurance for it. There are different scenarios when a condo insurance plan will be necessary. 

When Financing a Mortgage

You will want to have a condo insurance plan to comply with any mortgage lender obligations. Financing a condo with a mortgage is very common today, and it can help make it more affordable for you. However, you will need to maintain insurance requirements set by the lender. In many cases, this will include requiring you to get condo insurance and providing evidence of coverage regularly. 

When Standards Set by Association

Most of the time, a condo owner will also be required to carry condo insurance, as it is a requirement set by the condo association. Any condo association wants to be assured that you can repair or replace your condo and that you have proper liability support. Because of this, they will likely require that you continue to carry a full condo insurance plan. 

It is always a good idea to ensure that you have proper condo insurance when you are in the Asheville, NC, area. When you are going to purchase a condo here, it would be a great idea to call our team at the Asheville Insurance Center. Our team will offer any guidance that you need to fully assess your options and build a proper condo insurance policy.