Posted on: 04th Aug, 2008 12:06 pm
If my parents signed their condominium over to my sister and I using a quitclaim deed. Do my sister and I need to purchase liability insurance to protect ourselves from being sued?
If it's a condo, typically the homeowner's assocaition will have insurance in place to protect the outside of the building, gorunds, etc.. However, it does not protect your personal belongings on the inside. So, you should be covered but check with them on the exact insurance they have setup.
Hi Parker,
Welcome to our forums.
Did your parents add you to the title or gave away the entire property? Purchase liability insurance protects you from lawsuits for bodily injury or property damage that you or any of your family members may cause to others. The policy pays for the cost of defending you in court and for damages you should pay as ruled by the court. Purchase liability insurance is available along with homeowners insurance policy.
But why do you think you'll be sued? Have you caused any damage to any individual?
Welcome to our forums.
Did your parents add you to the title or gave away the entire property? Purchase liability insurance protects you from lawsuits for bodily injury or property damage that you or any of your family members may cause to others. The policy pays for the cost of defending you in court and for damages you should pay as ruled by the court. Purchase liability insurance is available along with homeowners insurance policy.
But why do you think you'll be sued? Have you caused any damage to any individual?
Homeowner's insurance is not required unless by a lender. However, it is highly recommended since it insures the condo against fire, and other destruction, as well as suits by guests.
