How condo and home insurance differ.
Regardless of the type of home you own, you’ll usually need some sort of insurance on it, especially if you have a mortgage loan. However, all homeowners insurance is not the same, and the type you need depends on the type of home you own. For example, home insurance and condo insurance are designed for two different types of properties. Check out the key differences before you decide on which is right for you.
Condo Insurance Covers:
- Primary dwelling – Insurance for the structure of the unit.
- Other structures – Usually not applicable for a condo.
- Personal property – Covers the contents of your unit (e.g. jewelry, clothing, and other keepsakes.)
- Loss of use – Coverage for in case the dwelling is uninhabitable due to damage from a covered peril.
- Personal liability – This coverage protects you in case someone is injured or their property is damaged while on your property.
- Medical payments – Covers medical expenses for any injuries from personal liability.
Home Insurance Covers:
- Primary dwelling – Covers entire structure, including all construction materials associated and all permanent elements (such as bookshelves and cabinets.)
- Other structures – Covers sheds, detached garages, etc.
- Personal property – Covers all personal belongings inside at 50 percent of the main structure’s cost.
- Loss of use – Protects the homeowner in case the house is deemed uninhabitable due to damage from a covered peril.
- Personal liability – Protects the homeowner if injuries to someone or someone’s property occurs on their property.
- Medical payments – Covers injuries and damages that occurred from personal liability.
As you can see, there are a few key differences to coverage. With a condo, you only own the unit from the drywall inward, which you’re insuring, along with the possessions inside. With a home, you’re covering the entire building’s structure, outbuildings, and contents.
Now that you’re aware of the differences, you know what to look for when shopping for insurance. For reliable
condo insurance or
home insurance, contact C.V. Mason Insurance Agency in Bristol.
