If you have purchased a condo, the bank will require condo insurance to protect its investment of your condo. You may however, need more condo insurance in Flagstaff to cover your personal items, liability or fees that may be charged to you regarding shared areas of the building such as the lobby.
You will need two separate condo insurance policies to protect your investment:
Your own condo insurance policy. This provides coverage for your personal possessions, structural improvements to your condo and additional living expenses if you are the victim of a fire, theft or other disaster listed in your condo insurance policy. You will also get liability protection under your own condo insurance policy.
A "master policy" provided by the condo/co-op board. This covers the common areas you share with others in your building like the roof, basement, elevator, boiler and walkways for both liability and physical damage.
To adequately insure your condo, it is important to know which structural parts of your condo are covered by the condo association and which are not. You can do this by reading your condo association’s bylaws and/or proprietary lease. If you have questions, talk to your condo association, condo insurance company or family attorney in Flagstaff.