Condo Insurance vs. Homeowners Insurance: What is the Difference?

Condo Insurance vs. Homeowners Insurance

Determine if you need condo or homeowners insurance.

Whether you already have a condo, just bought one, or are thinking of getting one, you likely have questions about insurance. Do you opt for homeowners insurance? Or does condo insurance suit your place better? And do you even need it?

We run down everything you need to know about selecting condo or homeowners insurance.

Condo Insurance

Condo dwellers do not own the entire building that they live in, just a part of it. Because of this, renter’s and homeowners insurance is not applicable. Condo insurance helps to cover:

  • Primary Dwelling: Insurance for the structure of the unit from instances such as fire, theft, and natural disasters.
  • Personal Property: Covers the contents of your unit. For example, jewelry, clothing, and other keepsakes. Check your condominium policy to see what is already covered and what is not.
  • Loss of Use: Coverage in case the dwelling is considered ‘uninhabitable’ due to damage.
  • Personal Liability: This insures that you are covered in case someone is injured or their property is damaged while on the dweller’s property.
  • Medical Payments: Covers medical payments for any injuries that incur from Personal Liability.

For a homeowner, things are slightly different.

  • Primary Dwelling: Covers the entire structure, including all construction materials and labor, as well as permanent items.
  • Additional Structures: Sheds, garages, and conservatories can be protected.
  • Personal Property: Covers personal belongings inside the home up to the given limit.
  • Loss of Use: Protects the homeowner in case the house is deemed ‘uninhabitable.’
  • Personal Liability: Provides protection if a guest is injured or their property is destroyed while on the homeowner’s property.
  • Medical Payments: Coverage for injuries and damages that occurred from Personal Liability.

The key differences are primary dwelling, other structures, and personal property. With a condo, you only own the unit from the drywall inward, and coverage should reflect this.

Now that you are aware of the differences, be sure that you secure the right coverage! Visit Mayer Insurance in Apple Valley, Minnesota to get started on your tailored policy.