What kind of insurance do I need if I live in a condo instead of a house?

What kind of insurance do I need if I live in a condo instead of a house?

Sam Friedman (Editor-in-Chief, National Underwriter, Property & Casualty Edition) gives expert video advice on: If I have a dog, can I get homeowner's insurance?; If I am turned down for homeowner's insurance, what can I do? and more...

If you live in a condo or a co-op, there are additional insurance issues to worry about beyond if you own a stand-alone home. If you're in a building, for instance, that has multi-family dwelling, you may be with anywhere from 50 to 100 other families in that building. A condo or a co-op may have certain liabilities in common areas. As a shareholder you may be responsible for some of these exposures and you want to make sure that if you do live in a condo, you get a homeowner's insurance policy that is tailored to that specific kind of situation. Thus, there'll be no disputes if there is a loss down the road.