Condo Versus Homeowners Insurance

Condo and homeowners insurance are similar, but with a few key differences. If you are transitioning from a condo to a single family home, or vice versa, understanding what these are is important. Below is a comparison between condo versus homeowners insurance.

Dwelling Coverage

The main coverage for both condo and homeowners insurance is the physical building. For homeowners insurance, you must have enough to rebuild the entire structure, inside and out. For condos, everything from the studs out is considered common area and included in the condo’s master insurance. Therefore, your personal condo insurance policy need only cover the interior of the unit from the studs in. This includes drywall, cabinetry, utility systems, plumbing, fixtures, etc.

Personal Liability Protection

Another key feature of both condo and homeowners insurance is personal liability protection. This offers protection for injuries at your property or damages you may cause to other people or their properties. Homeowners insurance policies cover injuries that occur anywhere on your property, inside and out. Condo insurance policies need only protect injuries occurring within your individual unit and not in common areas such as walkways or hallways outside of your unit.

More on Condo Versus Homeowners Insurance

The above are the two major differences when comparing condo versus homeowners insurance policies. Both types of insurance include personal property protection for your furnishings, electronics, and other belongings. You should, however, verify that you have enough protection for the individual and total value of your personal property. Given that condo insurance is more specific to your unit and excludes some common areas, condo insurance policies are typically much less expensive than homeowners insurance. You may request a free quote on condo or homeowners insurance right on our website, or contact our customer service team for further assistance.