Insurance Premiums, Deductibles and Status Certificates

The blog discusses the importance of understanding insurance premiums, deductibles, and status certificates in the context of condominium ownership. It explains that insurance premiums are a shared expense among unit owners and can vary depending on factors such as location and claims history. Deductibles, which are the amount that the owner is responsible for paying in the event of a claim, can also vary and should be taken into consideration when budgeting for condo expenses. Status certificates provide information on insurance coverage and deductibles, among other important details, and should be obtained before purchasing a condo unit.