Whether you own a home or a condo, you will require insurance. Although there are some similarities between condo and house insurance, there are also a few key differences. Read on to learn more about how condo insurance compares to home insurance and what to look for when shopping for the best coverage package.
Similar Coverage Needs from Condo Insurance vs. Home Insurance
The main similarity between condo and home insurance is when covering personal property and belongings. Read on to learn more.
Similar Coverage for Personal Property & Belongings
Whether you live in a condo or a home, you will have personal property and belongings like furniture, electronics, etc., that you will want to cover in case they get damaged or stolen. The only thing determining insurance rates is how much “stuff” you want/need to cover. Make sure to take account of all your personal belongings in your condo or home to know how much coverage is enough for you.
Coverage for personal property and belongings is the main area of insurance where condo insurance and home insurance will be similar. However, there are a few areas of insurance where the two will be different.
Differing Coverage Needs from Condo Insurance vs. Home Insurance
The two main areas of insurance coverage where condo and home insurance differ are dwelling coverage and liability coverage. Learn more below.
Different Dwelling Coverage
You are responsible for ensuring your unit or dwelling when you own and live in a condo. In contrast, insurance for the rest of the condo building is the responsibility of your Home Owner’s Association (HOA) or “Strata” group. As a condo owner, you will pay for both, but one will pay directly, and the other will pay through your HOA/Strata.
ALSO READ: Condo Insurance – What Does Your Strata or Building Cover
However, when it comes to homeowners and home insurance, you are responsible for directly ensuring your entire home and property coverage, as there will be no HOA/Strata group. Also, because homes are usually more expensive compared to condos, homeowners generally need more dwelling coverage compared to condo owners.
Different Liability Coverage
Liability coverage is used to protect oneself from the risk of someone getting injured in your unit or property and any property damage that you may cause to neighboring units or homes. In many cases, homes are more significant than condos, so they usually have greater liability areas – requiring more liability coverage than condo owners.
Are You Ready To Insure Your Condo or Home?
Whether you own a condo or a home, it is a great responsibility that comes with various risks, which is why having the proper insurance knowledge and coverage can help with peace of mind. If you need help finding the right insurance for your condo or home, feel free to contact our friendly and helpful staff today. We’d advise you on different home/condo insurance policies you can consider.
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