As condominiums become a more popular housing option for Chattanoogans, experts say there are special factors buyers need to watch for unlike purchasing a single-family home.
Insurance, condo boards, special assessments and maintenance history – especially in light of the tragic Surfside, Florida, building collapse – are among the differences.
“If you’re a buyer of a condo, due diligence is a must,” said Mike Mallen, a Chattanooga attorney.
Mark Friedlander, director of corporate communications for the Insurance Information Institute in New York, said condo owners should hold adequate coverage to financially protect their assets just as for a single-family home.
But condo insurance is intended to cover “inside the walls” of the unit, Friedlander said. An individual condo policy doesn’t cover the physical structure of a property. That coverage is rather by a master condo association policy, which protects the entire structure including common areas shared with others, he said.