Homeowners Insurance Vs. Condo Insurance

​When you think of homeowners insurance, what comes to your mind? Probably the great coverage that protects your home. But do you know that condo insurance also offers many of the same coverages — including protection for your personal property, liability protection, and hazard-specific coverages to help protect against damage from earthquakes and wildfires? 

Homeowners insurance and condo insurance offer homeowners similar coverage, including coverage for your home itself and personal belongings. However, there are major differences between the two policies. The type of home you own and its location can impact the insurance you need to protect it - whether it be a single-family home or condo. 

Learn about the similarities and differences between homeowners insurance and condo insurance. To find out what's covered in each type of policy, keep on reading.

Difference Between Homeowners Insurance and Condo Insurance
Homeowners insurance vs. condo insurance is an important consideration. Condo owners have less to worry about when it comes to coverage because insurers generally provide a master policy for external features of the condo complex and basic condo policies cover only the interior of your unit. 

On the other hand, homeowners own their home's entire structure. A homeowners insurance policy can cover exterior features like your roof, windows, doors, garage door, and everything inside your house, including appliances, rugs, or cabinets.

Homeowners Insurance vs. Condo Insurance Coverages
Homeowners' insurance and condominium insurance are pretty much the same — they're designed to protect your home, household belongings, and family members if you're robbed or a natural disaster strikes. 

The main difference lies in the amount of coverage you need, but the coverage you'll need depends on owning a house or condo.

Dwelling Coverage
It may cover damages caused to your home or condo unit. Having sufficient dwelling coverage is critical to protecting one of your most important investments. Having inadequate coverage may be an oversight that could lead to financial peril if disaster strikes. 

The dwelling coverage limit you will choose should be based on your property's replacement value. Replacement cost means it will cover costs to rebuild home-like construction fees and labor, but not the items in the home.

When you own a condo, two policies will provide some protection for your belongings: the condo association's commercial policy and your condo policy. 

Personal Property Coverage
Homeowners' insurance and condo insurance both have personal property coverage. It will help pay to repair or replace your belongings if damaged or destroyed by a covered loss.

Covered losses aren't just limited to big catastrophes such as fires. Some perils may not seem like big deals, but they can cost you big time down the road.

To have enough insurance coverage, you'll need to consider the value of your personal belongings and know what's covered.
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Liability Coverage
You're generally exposed to more liability risk than living in a condo if you're a house owner. It is because of various hazards on typical residential properties: stairways, gas lines, and indoor swimming pools, to name just a few. Liability insurance can protect your house-owning assets when someone is injured while on your property.

Conclusion 
Insuring your home is important, no matter what kind you have. Whether it's a family home or a condo unit, you must ensure that it's covered against damage or other losses. Many people don't realize how much they need insurance until they have to deal with the aftermath of something going wrong.

At Leigh Insurance Agency, we put our clients first by offering them policies that they can afford. Having insurance is a necessity nowadays, and we're here to help you out. Learn more about our products and services by calling our agency at (904) 826-0799. You can also request a free quote by CLICKING HERE. Any coverage discussed is not guaranteed. Please contact us today to go over your policy to ensure your needs are met! We are here and happy to help.