Condos are clearly different from houses but how is condo insurance different from homeowners insurance?
A condo is different than a home or apartment in that, with a condo, you own the part of the building that you call home, but not all of it. Condo insurance is different from homeowners insurance, too. There are similarities as to what is covered, but there are differences in how it is covered. Condominium insurance is typically covered by two policies. One of the policies is held by your condo association, and the other policy is held by all tenants of the building individually. Here are a few ways that condo insurance differs from home insurance.
What does condo insurance cover?
Condominium insurance is coverage for the entire structure that you own, that is, your unit. Condo insurance will typically cover the interior structures like your flooring, cabinets, and countertops within your condo’s walls. Condo insurance also covers the following:
- Personal property like your electronic devices, furniture, clothing, artwork, and more.
- Damage to another person’s property for which you are held liable.
- Medical injury bills that are the result of a guest injuring themselves on your property.
- Temporary housing costs if a covered peril damages your home and renders it inhospitable while reconstruction commences.
- Loss assessments when a covered peril breaks or damages a shared common property and the association bills you for a share of the costs.
How much coverage do you need?
As with a homeowners insurance policy, you can figure this out by talking to your insurance agent and by making a home inventory list that covers all of your possessions.
When it comes to the coverage of your condo, make sure that you have a good condo insurance policy to keep you financially protected. Contact Udell Family Insurance in Westlake Village, California, for all your homeowners insurance needs.