Do I need condo insurance in Michigan?

In the Birmingham, MI area, purchasing your own home can be a great long-term option. If you do decide to purchase your own property here, you should also spend time assessing your personal insurance needs. There are many reasons why someone may need to get a condo insurance policy here. 

Insurance is an Association Requirement

One of the main reasons that you need to get condo insurance when you are in Michigan is that it is a requirement of your association. Anyone that lives in a condo that is also part of a condo association needs to spend time assessing their association rules regarding insurance. If you are required to carry condo insurance, it is important that you get into a policy that offers the protection expected by the association. Most of the time, you will need to provide evidence of this coverage regularly.

Insurance Required by Lender

You will also need to get condo insurance because it will be required by your mortgage lender. Any mortgage lender is going to require that you maintain condo insurance at all times. They end up requiring this, and often also escrow for payments, as it ensures their collateral continues to be protected with insurance at all times. 

When you are shopping for condo insurance in the Birmingham, MI area, you need to make sure that you speak with someone that understands this form of insurance. When you call High Favor Insurance, you are going to get the guidance that you need to build a quality policy. The team here will be able to assess your insurance needs to make sure that you get into a policy that meets your needs. High Favor Insurance is able to do this by carefully assessing your personal needs and options.