Condo Insurance vs. Home Insurance – What’s The Difference?
It is estimated that there are 26.7 million condominium units housing 66.7 million people, and the numbers keep growing. Insurance for a condo is considerably different than a policy for a single-family home. A condo is considered a multi-unit residence in which there is separate and distinct ownership of individual units and joint ownership of common areas. Therefore, the major difference between home and condo insurance is how much of the dwelling you’re responsible for insuring.
When you have a single-family home, you’re responsible for:
- Everything on both the inside and outside
- The land that it’s on
When you have a condo, you’re only solely responsible for the interior of it, usually including:
- Interior walls
- Flooring
- Ceiling
- Appliances
- Fixtures and cabinets
The outside land, building structure, and common areas are generally jointly owned by all the condo owners, including you, and are insured through a policy held by the condo association.
Likewise, responsibility for liability coverage for injuries to visitors differs between home and condo insurance. Whereas a homeowner has full responsibility for both the inside and outside of his home, typically the condo association’s policy provides coverage, except within the individual units. Still, condo owners should protect themselves with liability insurance in the event that they cause damage to another home in the community or someone is injured in their home.
Insuring personal belongings is similar for both home and condo owners, as each maintains the primary responsibility for their personal property.
Condo association insurance policies can vary greatly as to what they cover. For example, some may cover window replacement, while others place the responsibility on the unit owner. Determining the coverage you need for your condo can be complex and requires an agent who is knowledgeable about it.
For additional help with your condo insurance policy needs, contact Pettineo Insurance Agency today at (954) 493-9424 or visit www.pettineo.com for a free quote.
Pettineo Insurance Agency Inc. provides condo insurance coverage in Fort Lauderdale, Lauderdale-By-The-Sea, North Lauderdale, Pompano Beach, Oakland Park, Boca Raton, Deerfield Beach, Hollywood, Sunrise, Coral Springs, Pembroke Pines, Sunrise, Tamarac, Plantation, Lighthouse Point and all of Florida. As an independent agent we represent many top rated companies in both the personal and commercial lines. We place your policy with the company offering the best coverage at a reasonable price. We offer a complete line of personal, commercial, life and health insurance products, designed exclusively for your insurance needs. Serving South Florida for almost 30 years, Pettineo Insurance offers the highly personalized service and stability that you should expect from your insurance agent.
