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Insure your belongings even if the HOA covers you.

Step 5: Consider Insurance

With a single-family property, a homeowner must insure the building, its contents and even the land and landscaping. With condos and lofts, the HOA collects monthly dues from members that cover the cost of insuring the building.

Even though the building is insured, condo and loft owners should buy policies to cover their belongings inside the building."It's highly recommended that buyers also purchase a separate homeowner policy to insure the contents of the home, similar to renter's insurance," says Leslie Williamson, executive vice president of The Condo Store, a nationwide real estate service specializing in sales of condos and lofts.

Read this article for more about condo insurance.

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