The difference between condo insurance and homeowner’s insurance

Regardless of what type of dwelling you live in you will need to have some type of insurance to protect you from all of life’s hiccups.  Distinguishing the difference between different types of policies meant to insure you can seem difficult if you are not sure what you might need.  Here we discuss the differences between two types of insurance: Condo insurance and homeowner’s insurance.

Homeowners usually own the property including the home itself and the land in which the home and other buildings sit on the property.  However, condo owners usually do not own the building nor the land, so they really only need insurance for the interior and their belongings. The main difference between condo insurance and homeowner’s insurance is the way they both protect the dwelling itself and the property in which it sits.

Another part of each policy that varies is the liability section.  Condo owners generally do not require as much liability protection as homeowners since they usually share a common area with other condo owners.  Homeowners can be held liable for accidents and injuries that occur anywhere on their property.  Condo insurance offers liability protection, but it is usually less than that of a homeowner’s policy.

Typically, condo insurance policies cost less than homeowner’s insurance policies due to the amount of coverage needed.  However, condo owners may need to contribute to the condo association’s policy separately.  Condo owners should be sure of the coverage they will receive from the association’s policy to determine the amount needed on a personal policy.  We can help you figure it all out.  Whether you live in a free standing home or you live in a condo, just give us a call.  We can offer you a quote on either a condo or homeowners insurance policy to fit your needs and your budget.