D.M. from Connecticut writes:
Dear Mister Condo,
We have a small Planned Unit Development (PUD) community of free-standing homes and our declaration refers to ownership as “studs in”. Can you tell me what exactly I am buying if I purchase a home and whether I will need condo insurance or regular homeowners I insurance?
Mister Condo replies:
D.M., the term “studs in” basically means that you own everything in the interior of your unit, including the sheetrock. Everything behind the finished parts of your home are the wood and studs that frame out the condo unit. The association owns everything above, below, and behind what you see in your unit. As for insurance, you better believe you need insurance that covers you from the “studs in”. Typically, in Connecticut a HO-6 policy will cover what you need covered. Any competent insurance agent will know exactly what kind of insurance will cover you. Chances are, your governing documents require that you maintain insurance for the inside of your dwelling as well. The best insurance is the kind you never need! Get the coverage that is right for you and enjoy your PUD living experience! Good luck!