Whether you own a home or a condo, you will require insurance for it. Although there are some similarities between condo insurance needs when compared to house insurance needs, there are also a few key differences as well. 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 insurance and home insurance can be found 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 and electronics etc. that you will want to cover in case they get damaged or stolen. The only thing that may differentiate 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 in order 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 stay 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 insurance and home insurance differ is the dwelling coverage and liability coverage. Learn more below.
Different Dwelling Coverage
When you own and live in a condo, you are responsible for insuring your own unit or dwelling, whereas 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 you will pay directly, and the other you will pay through your HOA/Strata.
However, when it comes to homeowners and home insurance, you are responsible for ensuring your entire home and property coverage directly as there will be no HOA/Strata group. Also, because homes are usually more expensive when compared to condos, homeowners usually need more dwelling coverage when compared with condo owners.
Different Liability Coverage
Liability coverage is used to protect oneself from the risk of someone getting injured in your unit or property, as well as the risk of any property damage that you may cause to neighboring units or homes. In many cases, homes are larger than condos, so they therefore 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 right insurance knowledge and coverage can help with peace of mind. If you are looking for help with finding the right insurance for your condo or home, feel free to contact our friendly and helpful staff today. We’d be happy to advice you on different home/condo insurance policies you can consider.