Corkhill Insurance – How are Condo and Home Insurance Different?

Condo insurance and home insurance cover different types of dwellings. However, these types of insurance are quite different from each other. At Corkhill Insurance, our team can help you to determine the right type of insurance for your specific needs. You should know the difference in these types of coverage in all cases.

Homeowners and renters benefit from having insurance to protect their assets. If you own a condo unit, you want to be sure you have ample financial protection against risks such as theft, fire, and lawsuits filed against you. Your condo association will generally require you to maintain proper insurance. There are two specific forms of condo insurance you’ll need.

The first is a master policy, which you will pay into through the association to cover structures that are owned by everyone in the condo development. This includes the roof, structural walls shared, recreation areas, and the grounds.

The second policy you’ll need is an individual coverage. This protects your assets within your condo itself as well as the portion of the structure that you own outright.

Home insurance, by comparison, doesn’t have separate requirements. Your policy will protect the structure and your personal property in a single plan.