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

Most insurance companies have a plan called “4 walls” which insures everything in your unit. If the building needs repairs, it’s handled by the building management or home owners association.