If you've decided on moving into a condo, you may find it's a little different from moving into a house or apartment. The home insurance for a condo works differently, and you'll need to do some additional research before you buy one. Here's a basic guide to the process.

How to Buy a Condo

1. Make a List of Must-Haves

Think about what you want in a condo, including both features of the unit and shared amenities. In addition to factors, like size, that you would consider when buying a house, also include aspects related to the condo association—for example, rules you do or don't want to see. Finally, list the locations you're willing to consider.

2. Budget

Just as when you buy a house, you need to figure out how much you're willing to spend. But in this case, you need to factor association fees and dues into your budget as well. As part of the process of determining your budget, you'll need to get preapproved for financing to ensure you can get backing for your plan.

3. Inspections

Your budget should also include money for home inspections. Once you start looking at properties and choose some you're serious about, both your financing provider and your home insurance company will want this information. The inspection will focus on your individual unit but may also give you insight into the entire building.

4. Research Home Insurance

Rather than having your own separate home insurance, your condo association likely has insurance that covers the building as a whole and the shared amenities, while you will be responsible for the interior of your unit.

Different condos have different policies, so ask for the specific terms and coverage that apply to the one you're interested in. Also, ask what kind of coverage condo owners in their association usually get for themselves.

If you need a home insurance quote, including condo insurance options, choose Somers Agency. Based in Lorain, OH, and serving the surrounding counties, they offer a wide range of policies and coverage options from some of the top insurance companies in the nation. Call (440) 324-3447 or visit their website to get set up with an appointment.