Condo Insurance vs. Homeowners Insurance

What is the main difference between Condo Insurance and Homeowners Insurance?

One of the main differences between home and condo insurances comes from the question of how much of your residence do you have  to insure. When you buy a home, you are responsible for the house and the land it sits on. When you buy a condo, you are only responsible for insuring the inside of your place, not the land. The outside building structure and common areas are usually owned by fellow condo dwellers and insured by the homeowners association.

Liability Coverage

Under Condo insurance, you can be liable when your visitors get injured or if you accidentally injure someone away from your home or damage their property. You shoud have personal liabilty coverage to avoid paying out of pocket. However, you don’t need liability insurance for claims involving common areas, such as pool, staircases, BBQ area etc, this would be covered by the homeowners liability coverage.

Under homeowners insurance, homeowners can also be found liable for injuries in their home and away from home. However, they are also responsible if somone gets injured on their property outside of the building such as pool, trampoline, playground etc.

Personal Property Coverage

Under Condo insurance, you can insure your personal belongings because the HOA master coverage will normally not insure your personal property such as furniture, jewelry, clothing etc.

The homeowners insurance will also cover your personal belongings.

For more information please contact your Met Warner Center Realtor David Salmanson and he can answer any other questions you might have

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