If you have always lived in a condo and are now buying a house, or vice versa, you may wonder what the differences are between homeowners insurance and condo insurance. Learning the changes between the two is important, so you know what’s covered, what’s not, and what to expect if you ever need to make a claim. Lemoine Insurance Agency in DeRidder, LA, helps clear up any questions you have so you can get the best home insurance policy for your living situation.
Here is a brief rundown of some of the key differences between condo and homeowners insurance:
- Dwelling Limits: When you buy homeowners insurance, the exterior and interior of the home are covered under your policy. This is not the case with condo insurance, as you don't own the entire building. Only the interior part of the condo belonging to you is covered.
- Liability Coverage: Another key difference between insurance coverage for home and condo owners is liability insurance. When you purchase insurance for a condo, you only need the coverage for an accident occurring inside of your unit. When you buy this coverage for a home, you need it for inside your home, as well as on any land you own.
- Other Structures Clauses: The last major difference is the “other structures” clause. With a condo, you only own your unit and no other buildings. With a home, you may have other structures on your property that need to be covered, including garages, fences, pool houses, or sheds.
If you’re buying a new home or condo, get the best insurance coverage for your new place with the help of Lemoine Insurance Agency in DeRidder. When you’re ready to shop for a policy, call these expert insurance agents at (337) 463-4070, or visit the website to find out more about all of their insurance offerings.