Homeowner’s Insurance vs. Condo Insurance

Whether you’re deciding to buy a home or condo, it’s important to look at the insurance you’ll carry. It may seem like all policies are the same, but there are actually some major differences that may influence the policy you choose as well as the property you decide to buy. We’re picked the key differences that you should be considering.

Who Covers You?

A standard homeowners policy should cover every aspect of the home-including furnishings and electronics. The burden will fall solely on the policy with the exception of certain events.

While homeowners insurance is a fairly straightforward concept, the details of condo insurance coverage may bleed into other policies. The additional policies will belong to the condo association or its owner and cover the spaces outside of your condo.

Which Costs More?

Every policy is different, and deductibles vary wildly based on a variety of factors; you’ll likely have a large monthly, and yearly payment structure for the top tier homeowners policies. Condos don’t have all of the conditions found in the home and are often smaller with maintenance taken care of by a condo board or similar group.

Am I Responsible If Something Happens On My Property?

Homeowners must be especially careful when it comes to liability in their insurance policies; if you’re a homeowner, it is crucial that you have protection against property damage as well as injury. Keep in mind that your policy may be put to use if someone injures themselves anywhere on the property, not just inside the home.

Things are a bit less complicated for condo insurance policies-incidents that occur within your condo will most likely fall under your policy, but that’s usually where your responsibility will end. Much like the coverage issues, condo boards or owners often assume liability for injuries around or near the condo.

Getting through the complicated world of insurance requires a guide with years of experience. Let Corkhill Insurance be your counselor through every step of the insurance buying process. Contact us now to get started.