Those that are in the Silver Spring, MD area will find that the city offers a lot of local amenities, access to a major city, and a lot of great employment opportunities. Due to this, it is also a great place to own a home. When you would like to buy a property here, investing in a condo can be a good option. Along with your condo, you need to have condo insurance. This coverage is needed for a few reasons.

Insurance is an Association Requirement

A reason that you will need to have a condo insurance plan in this area is that it will be a requirement set forth by a condo association. Condo owners typically are part of a larger community and association. These associations are designed to protect all the owners in the community. One way this is done is by requiring all owners to maintain condo insurance, which will give coverage if a mechanical challenge or leak in your unit causes damage to another owner’s property. 

Insurance is a Lender Requirement

Many Maryland condo owners will also take out a loan when they buy their condo, which can come with insurance requirements. Your condo insurance plan is going to be required until the loan is paid off entirely. Some lenders will require you to provide evidence of coverage and establish a payment escrow account. 

As you are looking for a new condo in the Silver Spring, MD area, it would be helpful for you to speak with Renee Oliver Insurance Agency Inc. The team with Renee Oliver Insurance Agency Inc. understands the value of this type of coverage. They can ensure that you are aware of your insurance options and can help you build a plan that protects your condo fully.