Whether you’re buying a condo or a house, you need insurance. The type and the amount of coverage required, however, vary significantly based on which option you choose. It’s important to understand how condo and home insurance differ so you can ensure you’re getting the right coverage for your needs.

Home Insurance Requires More Dwelling Coverage

When you buy a condo, you’re responsible for its interior, which can include the walls, floors, and ceiling, in the event of damage. Exterior elements like the roof, siding, and common areas are covered by the homeowner’s association’s (HOA) insurance.

If you buy a home, however, you’re not only responsible for the structure itself, including the roof and foundation, but also for any other structures, like a garage, shed, fence, or deck. Because homeowners own the house itself, plus all the other structures and the land they’re situated on, they require far more dwelling coverage than condo owners.

There’s Less Liability for Condo Owners

Condo owners also require less liability coverage than homeowners. You’re only responsible for any injuries that occur within your condo or damage you accidentally do to someone else’s property. Your HOA covers any other injuries or damages that occur.

Owning a home come with a lot more personal liability, as injuries can happen on your walkway, inside the home, or on a fence. Higher liability coverage on a home insurance policy ensures you are protected from paying for an injured person’s medical expenses for accidents that take place anywhere on the property.

There’s Similar Personal Property Coverage

The only similarity between condo and home insurance is the personal property coverage. In both situations, you need adequate coverage to protect your personal belongings from damage, theft, or loss. The items covered can include furniture, electronics, jewelry, and even your clothing. It’s a good idea for both condo and home owners to take a thorough inventory of their belongings so they can purchase adequate coverage.

Both condo and home insurance can protect you when disaster strikes, but it’s important to ensure you have the right amount for your needs. For more than a century, Somers Agency has provided the residents of Lorain County, OH, with condo, home, and auto insurance to protect them from the unthinkable. Their agents will work with you to tailor a policy that fits your budget and lifestyle. They also offer business insurance and umbrella policies for added coverage. Request a quote online, or call (440) 324-3447.