Whether you own a house or a condominium, it is vital you protect your investment with the appropriate property insurance. However, there are considerable differences between condo and homeowners insurance, and it's important for you to understand what they are when choosing a policy. Below, you'll find an explanation of both types of insurance, what they cover, and how they differ.

Homeowners Insurance

Homeowners insurance is actually a collection of coverage types that protects you against various losses. Its most important coverage areas are dwelling, liability, and personal property coverage. Dwelling coverage pays for damages to the structure of your home, including the roof, siding, and outbuildings and other structures, like fences. Liability coverage protects you should someone be injured or suffer property damage at your home or due to your neglect. Personal property coverage pays for losses or damage to the contents of your home, such as appliances, furniture, clothing, electronics, and more.

Condo Insurance

Condo insurance offers similar coverage, but the requirements differ. For instance, dwelling coverage only extends to the walls and ceiling. The roof, siding, and external structures are usually covered by a policy held by your condo association. Likewise, your liability coverage need not cover common areas, like a pool or playground equipment; thus, homeowners insurance liability and dwelling coverage costs are often considerably more expensive than they are for condo insurance. Personal property coverage, however, typically covers the same things and costs about the same amount for each type of insurance.

Farmers Insurance: Daniel Oliver, the most trusted and experienced seller of condo and homeowners insurance in Edina, MN, can help you design a policy that provides the coverage you need at a premium you can afford. Visit their website to request an insurance quote, or call (952) 925-4454 to discuss your options with a friendly, helpful expert.