Who pays for property insurance in a condominium?

Answer In a condominium usually the board pays for property insurance on all common areas. An individual owner pays for 4 walls, the ceiling, the floor, the inside of the door, and everything in between.

Top Q&A For: Who pays for property insurance in a condominium

Who pays the property taxes for a condominium unit in Florida?

If Florida is like most other states, a condominium unit owner pays property taxes for the unit.

Do condominium owners have to have insurance in accordance with the Illinois condominium property act?

If the Illinois Condominium Property Act says that you **shall** have insurance -- not **may** -- and lays out specific terms and conditions, you are strongly urged to obey the law. In the case of ... Read More »

You are separated if you purchase a condominium with your own earnings will the condominium be considered marital property?

Any answer must depend on the marital property laws in the state where you live/ claim residence, and any property agreements made in your separation documents.Your lawyer will give you a correct a... Read More »

Is a locker or storage in a condominium a common property or limited common property?

Read your governing documents to identify which definition applies to your particular locker or storage area. There is no standard.