Eli5: how does insuring a condo work? Do you get home insurance? What happens if the roof needs to be replaced or other major repairs?

Question

Eli5: how does insuring a condo work? Do you get home insurance? What happens if the roof needs to be replaced or other major repairs?

In: 4

Answer 1

If a major repair needs to be done the condo association may do a special assessment which means you could have to pay a lot of money in order to have a roof replaced but everyone pays into it equally.