Condo vs. Homeowners Insurance: Which is Best for You?
When purchasing insurance for your condominium, it is important to know what you are getting with your coverage. Learning the difference between condo vs. homeowners insurance plays an important role in choosing the best coverage for your home.
Policies for Condominium Insurance: Your condominium needs to be ensured for the contents and structure.
- Primary Dwelling: This is actually held by the homeowners’ association.
- Other Structures: This is not relevant for condominium-style dwellings.
- Loss of Use, Personal Liability and Medical Payments: All three of these sections are covered, and it applies to both condominiums and single-family dwellings.
- Personal Property: Coverage for contents inside your home is held by the homeowner. The parameters covered by your policy usually include everything from the wall studs and out, and your condominium insurance will cover everything inside the wall studs. In the case that your condominium burns down, your homeowners’ association policy is responsible for rebuilding it, and everything else is covered by your personal property insurance.
Policies for Homeowners Insurance: While homeowners insurances contains the same few sections, this is where the differences between condo vs. homeowners insurance come into play.
- Primary Dwelling: This policy covers the entire structure, construction materials and permanent elements, such as built-in features.
- Other Structures: Covers areas such as well houses, detached garages and sheds. It is valued at 10 percent or less of the main structure.
- Personal Property: Personal belongings valued at 50 percent of the main structure are covered by this policy.
- Loss of Use, Personal and Medical Payments to Others: Both policies apply to single-family dwellings and condominiums.
Now that you know the differences between condo vs. homeowners insurance, use Schumacher Insurance to pick the best insurance for your home.
To receive more information on insurance and how to choose the best policy, contact us.