3 Differences Between Condo and Renters Insurance
When you have recently relocated and are looking for homeowner’s insurance to protect your belongings in the event of accidents or other unfortunate circumstances, make sure you know the difference between condo and renter’s insurance.
- The primary difference between the two types of insurance is that condo insurance coverage is intended for those who purchase their residence, while renter’s insurance is for those who rent a place to live. Whether you are renting a house, apartment, or other type of dwelling, the property owner’s insurance does not cover your belongings, so you need to obtain insurance coverage that does. Condo insurance is essentially homeowner’s insurance, and protects the property and contents.
- Condo insurance covers add-ons and other fixtures of the dwelling. This means that if structural changes are made or additions are built, the insurance policy can be modified to cover the changes. Renter’s insurance does not provide this type of coverage.
- Homeowner’s insurance for condos is more comprehensive than renter’s insurance with regard to protections offered and coverage limits allowed.
If you are looking for insurance coverage for your new home, whether it’s a rental or a purchased residence, Schumacher Insurance Group can meet all your needs! Contact us today and find out more about our insurance plans and get the most protection for your possessions at the lowest possible rate.