Having condo insurance is not the law. You won’t get a fine for not having insurance, but you will be in major debt if anything happens. From a leak to a major fire during renovations, it makes sense to have adequate insurance.
Owning a condo is a huge responsibility just like buying your first home. The excitement, the new smells – everything you experience is ideal only if you’ve thought about the worst-case scenarios. While no one wants to walk around with constant anxiety, it’s best to think about how you, your contents, and your new home needs to be protected.