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While there are some similarities, home insurance and condo insurance actually differ quite a bit. It’s important to understand these differences before contacting an insurance agency about implementing an insurance policy. That way, you can rest assured that you and your belongings remain well-protected against covered perils. 

What’s the Difference Between Home Insurance & Condo Insurance?

Owning a condo is not quite the same as owning a home. With a condo, your ownership doesn’t extend beyond the interior of the property. The building and surrounding property are usually owned by a condo association, which involves having a master insurance policy covering these areas. 

home insuranceFor example, damage to the exterior of the condo will be covered by the master policy. The same can be said for any issues befalling common areas, such as yards or exercise facilities. Problems occurring within each condo will be the responsibility of the individual condo owner. These problems can impact walls and ceilings, or even involve damage to furniture and appliances. 

What Does Condo Insurance Actually Cover?

Condo insurance covers everything within your unit. It also offers liability protection, which is essential. If a person is injured in your home, you may be subject to a lawsuit. This coverage can also protect you in the event someone else’s property is damaged. In this case, you would be responsible for recouping any losses. 

Additionally, only certain perils will be covered by condo insurance. This usually includes storm damage, fires, theft, or burst plumbing pipes. Floods, earthquakes, and general wear and tear on the condo is usually not covered. When it comes to natural disasters, it’s often necessary to purchase a separate policy. 

 

As a trusted State Farm® Agent, Bruce Richardson understands that buying insurance can be a complex undertaking. That’s why he strives to create a simplified process, whether you’re shopping for home insurance or condo insurance. Bruce can also assist clients in Mooresville, IN, secure other essential insurance products, such as coverage for autos, life insurance policies, and renters’ insurance. Take advantage of more than two decades of experience by calling (317) 831-3500 today. You can also learn more about home insurance by visiting the website

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