There are some key differences between owning a condo and a home. These differences influence the way you should approach purchasing condo or home insurance. If you have specific questions, or just want to talk to a knowledgeable agent, contact The Insurance Shop USA, which serves Sandpoint, ID, for more information on this topic.
First, it’s important to know exactly what you’re required to insure when you have a house versus a condo. When you own a condo, you’re usually only responsible for the interior part of your residence. Everything else, such as the common areas, yard, and condo building structure, are often insured by your homeowner’s association (HOA). When you have a home, you’re generally responsible for everything inside your house and outside on the land.
Differences in Dwelling Coverage
If you’re getting a condo policy, you probably only need enough dwelling protection to rebuild the interior of your condo. For a homeowner, dwelling coverage should be able to cover the cost of rebuilding your house and other parts of your property, such as sheds, fences, and carports.
Differences in Liability Coverage
A condo owner may be responsible if visitors are injured inside the unit. However, if someone is hurt at a building common area, such as the community pool or lobby, your homeowner association’s insurance is generally responsible. Homeowners usually need more liability coverage than a condo owner, as they’re responsible for injuries that happen outside the home. As a homeowner, you’re liable if someone gets hurt running around on your patio or in the pool or trampoline in your backyard.
Differences in Personal Property Coverage
Condo owners usually only have to consider their personal belongings when determining how much insurance they need. This is typically the primary concern for a condo owner shopping for insurance. A homeowner also has to get enough protection to insure all their important belongings, however, there are a lot of other factors for a homeowner to consider.
Whether you’re a homeowner or a condo owner, you can get a quote or have questions answered by calling The Insurance Shop USA, which serves Sandpoint, ID.