If you live in a condominium, you should be aware of the key differences between condo and standard homeowners insurance. For the residents of Statesboro, GA, BestRate Auto Insurance can clear up the confusion on this and many other topics thanks to their extensive knowledge. This company offers a wide range of products, from car insurance to policies created specifically for renters. The following information illustrates the difference between homeowners insurance and coverage for condos.

Differences Between Condo & Homeowners Insurance

Liability Coverage

In general, both those who live in residential homes and those who live in condos should have some form of liability coverage. This insurance is crucial in the event a visitor to your home is injured while they’re there. However, condo dwellers only need to worry about areas within their home. Outside or shared areas are jointly owned by the property owners as well as other residents. Conversely, homeowners must consider the outer areas of the house when opting for liability coverage.

Dwelling Protection

As stated above, condo residents need only worry about the areas within their particular unit. Any damage outside these areas will be covered and repaired by the property owner. This is in contrast to homeowners insurance, which must be comprehensive enough to cover costs related to rebuilding if catastrophic damage occurs.

Coverage for Personal Property

Personal property plays a huge role in determining the proper coverage amounts. This entails tallying the total value of your possessions and factoring this amount into your coverage needs. The same principle applies to homeowners, as the personal property in your house must be covered to ensure you can recoup your losses in the event your residence is damaged beyond repair.

In Statesboro, BestRate Auto Insurance provides the coverage you need to protect the things that matter most in life. Visit them online to learn more about homeowners insurance and other policies. You can also call (912) 489-5942 to speak directly to a friendly and knowledgeable representative.