When you deposit money in a
Bank, you previously check that you have FDIC insurance, to reduce the
When investing in real estate one of the main -but very
improbable risk- is that a fire destroys your apartment / building.
this reason is a must to hire a fire insurance to protect your
By Law all apartment buildings
have to hire an obligatory fire insurance over the common areas (hall,
entrance, elevators, exterior walls, etc). This insurance will be
included in the home association fee (expensas).
You don't need to hire
this, or worry about this insurance, the home association Manager will
hire and pay it every month.
Additional to the common areas
building insurance you should hire a fire insurance for your private unit. The
main local banks will sell you this insurance, and it is usually not
very expensive. You can also hire it from the most important local Insurance
Having both fire insurances,
the obligatory for the common areas and the private one for your
apartment or unit, with major Insurance company or bank will mainly
protect your investment.