Knowing the type of policy to purchase is important. 

A Condo policy is purchased when the homeowner association is covering the structure.  When working with the Real Estate agent, ask them for the Association Manager’s name and phone number.  Consider asking the following questions:

1. Is there a need for a Homeowner 6 (HO-6) policy or a homeowner policy.
2. If the answer is an HO-6 policy, ask them what you the owner is required to pay if damage to your unit is covered under the homeowner association policy.  There are often times HEFTY deductibles that you will have to pay prior to the Association policy paying for repairs.  The Condo policy can be positioned to pay for or subsidize the added deductible costs impossed by the association’s policy.

The Homeowner policy is the insurance to purchase when you are the owner of the structure. 

Knowing the type of ownership will help you the new owner know what type of policy to purchase.