Condominium Insurance vs. Home Insurance: Dwelling Coverage2019-05-25T12:55:32-04:00

Buying a condominium is similar to buying a house in that you get the freedom that comes with owning your living space. Along with that freedom, there comes a lot of responsibility. For example, you will need insurance to repair or rebuild if your property suffers damage regardless of which type of property you own. If you are new to condo ownership, you should purchase condominium insurance. Let’s take a look at how it differs from home insurance.

How does condo ownership differ from home ownership?

As a condo owner, you are responsible only for your unit’s interior. You share ownership for common areas with your neighboring condo dwellers. Your homeowners’ association (HOA) is responsible for the shared parts of the property according to the Florida Condominium Act. In comparison, when you buy a home, you take on responsibility for the whole structure along with the land on which it stands. Because the duties are different, you need insurance that is also a little different.

Condominium Insurance Dwelling Coverage vs. Home Insurance Dwelling Coverage

Because you are not responsible for the property outside of your condo, you don’t need coverage for anything from the wall studs out. Your HOA’s master policy will cover any damage to common areas. Some HOA insurance will cover your condo’s interior as well, which means that you will not need as much condo insurance.

Your home coverage should be sufficient to rebuild your house. If you have a shed, fence or other structures on your property, you need to cover those as well. The cost of rebuilding a home is usually much higher than the cost of rebuilding a condo, so you need more coverage. Because a home insurance policy covers so much more than condo insurance, the premiums are typically much higher.

Whether you own a condo or a home, insurance is essential even though the requirements are different.


If you would to like to discuss your options for condominium insurance please call us at 561-732-9305 our quoting hours are Monday through Friday from 8:30 AM to 5:30 PM. In addition, you can request a quote online. Please remember, We Handle All the Work, While You Save!

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