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Condo insurance may be a legal requirement depending on your state and municipality, but even if it’s not mandatory, it’s a practical necessity. Your homeowners association may require you to have it. Your bank will almost certainly require it if you’re planning to get a mortgage.

That’s because a crisis in your condo doesn’t just affect you—it affects the units around you and affects your lenders if you can’t afford to make payments. Condo insurance is usually even cheaper than homeowners insurance. There’s no real reason not to have it, and many, many reasons why you should have it.