For younger people, the reasons for moving from a condo to a house run the gamut, from getting married to just needing more space. If you’re among those who are becoming first-time homeowners, as opposed to a condo, there will be some key changes in your insurance coverage. Here is a helpful guide on what you need to know when switching from condo to home insurance.

What Should Your Home Insurance Policy Include?

1. Interior & Exterior Property

When you lived in a condo, your insurance policy most likely covered common areas such as the pool and other outside grounds. You were probably responsible for insuring the condo’s interior and personal possessions. A home insurance policy provides coverage for most damages that occur in and outside the house. Damages can stem from storms, hail, and other natural disasters, and the insurance protects garages, decks, front and backyards, and other structures on the property.

2. Injury Protection

Say you have a guest over to your new home and they’re bitten by your dog. Most home insurance plans will cover that person’s medical expenses. Depending on how your policy is structured, coverage may also include pain and suffering, wage loss, and any lawsuit they may file. Keep in mind that if you or a family member is injured in or around the property, home insurance will not cover treatment costs. With condo insurance, you would solely be responsible for paying for the medical expenses of a guest injured inside your condo.

3. Nonnatural Disasters

Home insurance policies also provide coverage if your house is burglarized or sustains fire or smoke damage. The extent of the damage, especially in cases involving fire, will determine repair or replacement costs. Policies also vary, but most insurance providers either look at actual cash value or replacement value if your home is a total loss. Actual is the home’s depreciated value when the loss occurred, while replacement is how much it would cost to replace the home.

4. Temporary Living Expenses

If your home is damaged and uninhabitable until repairs are made, home insurance might pay for you to live in a hotel. The coverage can also include expenses for meals. Most carriers set a time limit on how long you can take advantage of temporary living costs. Others will cover you until the repairs on your home are completed.

As you make the switch from a condo to a home, it’s important to stay financially protected. The insurance agency of Stautberg Financial Group in Cincinnati, OH, continues to help first-time homeowners by ensuring they have affordable and comprehensive coverage in place. As an independent firm, they can shop for the best rates from leading carriers. If you’re in the market for home insurance, call (513) 821-6300 for a free, no-obligation quote. Visit them online to learn more about their coverage options.