Hidden Costs of Home Ownership

What are condo fees used to cover?

• Personal property insurance

• Maintenance and amenities in a condo

• Mortgage payments

• Property taxes

Which of the following is included in residential home insurance?

• Travel insurance

• Liability coverage

• Health insurance

• Rent coverage

How often are condo fees typically paid?

• Annually

• Quarterly

• Monthly

• Weekly

What does residential home insurance liability coverage protect against?

• Damage to your car

• Theft of your personal belongings

• Damage to neighboring properties

• Personal injuries occurring on your property

What type of insurance covers the contents inside a rented apartment?

• Landlord insurance

• Auto insurance

• Tenant insurance

• Health insurance

Why is tenant insurance important?

• It covers the building structure

• It covers contents inside in case of fire or theft

• It pays for rent

• It includes medical insurance

What is an example of an unexpected emergency for a homeowner?

• Buying groceries

• Getting new furniture

• Flooded basement

• Regular cleaning

What is NOT typically covered by condo fees?

• Heat for common areas

• Landscaping for common areas

• Personal utility bills

• Property insurance for the building

What does the term 'dwelling' refer to in residential home insurance?

• The land surrounding the house

• The garage

• The structure or building of the house

• The interior decorations

What should a homeowner do to avoid bigger problems in the future?

• Ignore minor issues

• Conduct regular home repairs

• Only react to emergencies

• Wait for issues to worsen