What type of insurance is required to buy a single family detached home or condo?
A. Homeowners insurance covers the structure and personal property (inside contents) in the single family detached home. Rates vary, but on a $300,000 home depending on its age and structure you can expect to pay at least $1200 annually or more. Condos require a different type of insurance to cover just interior contents (furniture and personal belongings inside the unit). This type of insurance is not required by the lender. It’s the owner’s choice and the majority of owners purchase it. The exterior of the condo is insured through the condo association and is collected in your monthly or quarterly maintenance fees.
