Insurance is a cornerstone of any home.
But it’s also a common source of financial stress.
It’s one reason why homeowners may be hesitant to sign up for a mortgage, because they don’t have enough to cover their premiums, or they don’st have the money to pay down their mortgage.
Now, some homeowners may need to make a tough decision on whether to insure their property.
According to an article in the Insurance Journal, some condominium owners may want to make an exception to the insurance requirement for their condos.
And if they do, the article notes, they may be paying a premium for insurance coverage that’s not required for all of their properties.
Here’s how it works.
The article states: “Condominium owners in the District must be at least 55 years of age to apply for condominium property coverage, and must also be at or below 100 percent of the market value of their condominium.
They can also be homeowners or renters who have at least $5,000 of total property-related debt on their mortgage.”
What does that mean for you?
It means you may be required to purchase coverage for the amount of your condo property, and it could also mean that you will be required by law to purchase insurance for the entire condo.
Condo insurance is available for condos that are at least 45 years old.
So if you have a condo that is at least 60 years old, you could be required under the law to buy condo coverage for at least 75 percent of your value.
That means you’d be required for the premium for condo insurance to be $8,000 per year, or $2,000 a month, depending on the length of time you’ve been in the condo.
For a 40-year-old condo, you would be required pay $8 million in premiums annually.
Condominium insurance may be available for any condominium that is more than 45 years of a certain age.
So, if you’re 55 years old and your condo is valued at $2 million, it could be eligible for condo coverage.
The Insurance Journal article notes that condo owners may be able to take advantage of the Condo Life Insurance Program, which allows them to take out insurance for up to $2.5 million.
In addition to condo insurance, you may also be eligible to purchase other forms of coverage, including homeowners’ and renters’ liability insurance.
If you are looking to buy insurance for your new condo, or for any property, be sure to contact the D.C. Department of Insurance to learn more.