Q: Our condo is raising our monthly assessments again, this time claiming that the building’s insurance went up. Since our building has insurance, we are not sure why we need to have our own policy and are considering dropping our individual policy to save some money. Do you have any thoughts on this? — Cathy

Purchasing a condo apartment comes with its own set of unique considerations, especially when it comes to insurance. Although it may seem redundant to purchase insurance when the condo association already covers the building, it’s essential to understand the difference between the two types of policies.

The association’s insurance typically covers the structure of the building and common areas, such as hallways, lobbies, and amenities. This means that if a natural disaster or other

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