If you are looking to buy condo insurance, it is important that you first understand the difference between condominium and homeowner’s insurance. Condominium insurance provides coverage for your personal property as well as liability protection in case someone gets injured on the premises. Homeowner’s policies will typically cover these things but also provide coverage for your residence itself. This can include damage from fire or natural disaster, theft of items inside the house, and other events that might take place at home.
What does a typical condo policy cover?
A condominium policy will typically cover events that take place inside the walls of your unit, such as:
– damage to electrical systems and plumbing from a storm or flood.
– Theft of items in communal areas like hallways, elevators, laundry rooms and parking garages (if you leave them open). It may also provide coverage for vandalism to these places if they are on the premises.
– If something happens at another owners’ residence or association property. This can include accidents involving tenants who live their full time even if it takes place outside their unit (e.g., if someone slips and falls while walking downstairs located in an adjoining condominium) but only up until where your door starts; including some lawsuits related to claims of negligence.
What does a typical home policy cover?
A home insurance policy will typically cover events that take place inside and outside of your residence, such as:
– damage to the structure of your house from a storm or fire.
– theft of items from inside and outside the home, including theft by someone who has permission to be on the property (e.g., a contractor working on repairs).
– liability protection in case someone is injured while on your property. This can include accidents that happen inside or outside the home.
Condominium insurance provides more limited coverage than a homeowner’s insurance policy. A typical policy only covers damage that occurs within the walls of your unit, whereas a homeowner’s insurance policy covers damage to both the unit and surrounding property.
Is condo insurance cheaper than home insurance?
It depends on the policy. Condominium insurance is typically cheaper than homeowner’s insurance, but this varies depending on the company and the coverage you choose. Make sure to compare rates before you buy a policy.
Does home insurance cover more than condo insurance?
Homeowner’s insurance provides more coverage than condominium insurance. A home policy typically covers damage to the structure of your residence and surrounding property, whereas a condominium policy only protects damage that occurs within the walls of your unit itself. Homeowners also have access to liability protection in case someone is injured on their property, where condominium owners do not because they don’t own communal areas like hallways or shared roofing.
If you want to discuss options for condominium or homeowners’ insurance, please call us at 561-732-9305. Our quoting hours are Monday through Friday from 8:30 AM to 5:00 PM. In addition, you can request a quote online. Please remember, We Handle All the Work, While You Save!
Robert Macoviak is the President of Oyer, Macoviak and Associates. Oyer, Macoviak and Associates is the oldest independent insurance agency in Boynton Beach and has been in business since 1953. Oyer, Macoviak and Associates are vested members of the community who are committed to doing business face-to-face and being your insurance advocate in times of need.