Keep in mind that your insurance on a condo that is pulled through the HOA dues does NOT cover your interior or liability. So, for example, if your hot water heater breaks and leaks into the neighbor, your HOA insurance will NOT cover it! You need a separate policy to cover the interior and for liability issues like fires or floods. Don’t learn this one the hard way, like I did!!
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Attorney William ("Bill") Bronchick, host of Legalwiz.com, has authored six best-selling books and is sought nationwide for his 25+ years of real estate and legal knowledge. He has been interviewed by numerous media outlets, such as CNBC, TIME Magazine, USA Today, Investor Business Daily, Forbes, and the LA Times, to name a few. William Bronchick is the co-founder and past President of the Colorado Association of Real Estate Investors and the Executive Director and founder of the College of American Real Estate Investors. Click on the "About" link above for more information on William Bronchick.