Condo vs. Homeowners Insurance

Homeowners aren’t the only ones who should insure their homes. This applies to anyone who has a place they call home no matter if it’s a house, condo or apartment. Insuring the place you live in is essential just in case you and your home are to suffer from property damage, theft and/or a natural disaster. This week, we are going to highlight the differences between homeowners insurance and condo insurance. They share similarities but ultimately, the policies are different. We’ll share how.

  1. Dwelling coverage: The amount of space that an insurance policy covers depends on if you own a home or live in a condo. Living in a condo means that your insurance is typically responsible for the interior of your home. Any damages outside of your condo will fall under HOA insurance. Homeowner’s policies are responsible for the interior as well as the land/structures around your home such as garages. Homeowners insurance covers more in terms of dwelling because repairing damages to a house may cost more than that of a condo.
  2. Liability coverage: If you or a guest are injured inside of your condo, you will be held accountable for the injury, which is why you’ll want personal liability coverage in those situations. Although, if a person is hurt in a common area such as a hallway or pool of a condo, the blame will not be placed on you rather HOA insurance will help toward the damage. For homeowners not only can you be held at fault for injuries inside of your home but outside of it too which means you’ll need more liability insurance.
  3. Personal property coverage: Living in a condo it is important to make sure that your personal belongings are insured. Since condo insurance does not coverage much outside of your home, taking into consideration the amount of personal items you have hugely determines how much condo insurance you’ll need. Although homeowners insurance covers more in general, when it comes to personal property, policies are usually the same. No matter if you are in a condo or a house, taking inventory of your items can largely help you determine how much personal property coverage is enough for you.

It doesn’t matter whether you live in a house or condo, either way accidents may happen. The smartest thing you can do is to be insured just in case something happens to your home, condo or even yourself. Reed Street Insurance Agency wants to help find the insurance that covers all of your needs, including comfortable price points. Get a free quote today.Best jordan Sneakers | blue cheetah nike dunks black and grey hair trend 31 Colors, Release Dates, Photos , Gov