What to Look for When Buying a Condo: 8 Key Things to Know Before You Commit

Buying a condo?

Discover 8 key things to check—from HOA rules to master policies—so you avoid surprises and get the right insurance coverage from day one.

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Condos can be a fantastic option for first-time buyers, downsizers, or anyone who wants a low-maintenance lifestyle in a vibrant community. But buying a condo isn’t the same as buying a traditional house—and there are a few critical differences you need to understand before signing on the dotted line.

Here’s what to look for when buying a condo to protect your investment, peace of mind, and insurance coverage.

🏢 1. Understand What the Condo Includes (and What It Doesn’t)
​When you buy a condo, you’re typically purchasing everything inside the unit’s walls—not the whole building. This usually includes interior walls, flooring, cabinetry, appliances, and fixtures. The exterior, roof, common areas, and sometimes utilities are maintained by the condo association.

🔑 Pro Tip:
Always confirm exactly what you own and what’s covered by the Condo Association’s Master Insurance Policy. This impacts how much coverage you’ll need on your own condo (HO-6) policy.

🧾 2. Review the HOA Rules and Financials
Before you fall in love with the space, get familiar with the condo’s Homeowners Association (HOA).
You’ll want to understand:

• Monthly HOA fees and what they cover
• Rules around rentals, guests, renovations, and pets
• How often fees have increased
• The HOA’s reserve fund and whether it’s enough to cover major repairs

🚩 Red Flag:
If the HOA is underfunded or has ongoing legal issues, it could affect the value of your condo—or your ability to insure it affordably.

🧱 3. Check the Building’s Age and Maintenance History
Older condos aren’t a deal-breaker, but they may come with aging roofs, plumbing, electrical systems, or outdated fire safety features. That can impact your insurance rates or eligibility.
Ask for:

• A maintenance or renovation history
• Recent inspection reports
• Scheduled upgrades or known issues

📋 4. Ask About the Master Insurance Policy
The condo association should carry a Master Policy that covers the exterior of the building and shared areas. But the type of policy matters:

• Bare Walls/Studs-In: You’ll need more personal coverage, including walls, cabinets, and flooring.
• All-In: May include more interior features, but still doesn’t cover your personal belongings or liability.

💡 Insurance Tip:
Bring the Master Policy to your insurance agent. It helps us build the right HO-6 condo insurance to fill in the gaps—so you don’t over- or under-insure your space.

🧯 5. Review Safety Features and Systems
Some insurance carriers require certain safety features to bind coverage or may offer discounts for them:

• Fire alarms and sprinkler systems
• Gated or secured entry
• Building-wide security cameras
• Emergency exits and stairwells
• Proper lighting in common areas and garages

🧳 6. Look at Parking and Storage Options
Covered parking, assigned garages, or storage units can all add value—but may or may not be included in the deed or master insurance. If you’re purchasing a detached garage or storage unit, you may need to list it separately on your insurance.

💧 7. Watch for Water Damage or Plumbing Issues
Ask about:

• Past water damage or mold claims
• Flooding history in the building or garage
• Pipe material and age (older pipes = higher risk)

🚿 Even if your unit looks clean, plumbing issues in other units can impact yours. Multi-unit living means shared risk—and that’s something insurance needs to account for.

📞 8. Get Clear on Responsibility in the Event of a Claim
Ask the HOA or building manager:

• What happens if a neighbor’s pipe bursts and floods your unit?
• Who’s responsible for the drywall? The flooring? The furniture?
• Is there a deductible-sharing agreement for master policy claims?

🧾 Many condo owners don’t realize they may have to pay part of the HOA’s master deductible (which can be $10,000+). Your HO-6 policy can cover this, but only if you include Loss Assessment Coverage.

🛡️ Final Thoughts
Buying a condo is about more than floorplans and finishes. You’re buying into a building, a community, and a system of shared responsibilities—so it’s important to know exactly what you’re getting into.

By asking the right questions and building the right insurance policy, you can enjoy condo living with confidence and coverage that fits.

👉 Need help reviewing your condo insurance options?
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At Corin Insurance, we help you understand the gaps in your condo association’s master policy and make sure your HO-6 policy protects everything that matters to you.
Call, text, or message us anytime for a personalized quote.

Disclaimer:This blog is for informational purposes only and does not constitute legal or insurance advice. Coverage varies by policy, carrier, and property type. Always consult a licensed insurance professional to review your specific situation.