Condo Questions? (insurance, mortgage, home) - Miami-Dade County - City-Data Forum

whuh · 03-05-2011, 03:09 PM

Thinking about buying a cheap condo outright, no mortgage or anything. This will be the first home I'm buying so what will I have to pay monthly/yearly.... Property taxes, maintenance fees? Utilities, What else?

r_k · 03-05-2011, 03:18 PM

Probably insurance is the biggest item you forgot to mention, and any repairs if the condo is not in good condition.

whuh · 03-05-2011, 03:43 PM

I think I read somewhere you don't need insurance with a condo... You do?

doggiebus · 03-05-2011, 04:37 PM

If you own the condo outright, no mortgage then you are not required to have insurance.

whuh · 03-05-2011, 08:00 PM

What is the insurance for? Isn't it covered by the condo owners anyway?

r_k · 03-05-2011, 09:22 PM

Quote:

Originally Posted by whuh

What is the insurance for? Isn't it covered by the condo owners anyway?

The insurance through the condo assoc normally covers the structure. You are still resposible for everything inside, such as contents, paint, carpet etc. Also liability (someone slips inside your unit e.g.).

While it is not required if you own it outright, I think it would be foolish to put yourself at risk without it.

You should also check what type of insurance the condo assoc carries.