What Exactly is a Condominium?
Insuring a condominium is different from insuring a house. The insurance for a house covers the entire house - from the top of the roof down to the foundation. When insuring a condo, your insurance should cover the drywall, ceilings, floors and the interior. You will need separate "contents insurance" to cover your own possessions.
A Condominium is not a type of house but a form of legal ownership. The owner has title to a single unit, as well as a share in the common elements such as elevators or surrounding land. You pay for the upkeep of your share by way of your monthly condo fees. There may be some rules and regulations that prevent you from doing certain things like owning certain kinds of pets, or in the case of a townhouse-painting your house a different colour from the rest.
Most condominiums have a Property Management company responsible for the care and maintenance of the "common areas" including landscaping, exterior paint, roofs and also the general cleanliness of the common areas.
An owner-elected board runs the condo board. The board usually consists of a President, Vice President, Secretary, Treasurer and a couple of other members who oversee landscaping or maintenance responsibilities. The Board members are your fellow condo owners, they are not paid.
Condo housing types can vary:
- Apartment style - either a high rise or low rise building containing condominium units.
- Link homes - Houses, freehold or condominium, joined by by garages which provide access between the front and rear yards. Builders sometimes join basement walls so that link houses appear to be single family homes on small lots
- Lofts - One of the newer forms of condominium housing is the loft style