What Is the Difference Between Home and Condo Insurance?

If you’ve ever searched for a home, you’ll know that no two properties are exactly alike. From homes with acres of land to townhomes and condos, each has unique features. Similarly, no two insurance policies will be the same. Whether buying your first home or next, it’s essential to understand the difference between home and condo insurance.

What Does Home Insurance Cover?

Homeowners insurance policies typically include the following:

• Dwelling coverage—This coverage can help cover the cost of repairing or rebuilding your home and its attached structures if they are damaged or destroyed in a covered incident, such as a fire.
• Personal property coverage—This type of coverage can help repair or replace possessions on your property if they are damaged due to a covered incident, such as fire. These items could include furniture, clothing and electronics.
• Liability coverage—This coverage can offer financial protection if you are found responsible for injuries to a third party or damage to a third party’s property.
• Additional living expenses coverage—This coverage can help cover living expenses if your home is uninhabitable due to a covered loss.

How Is Condo Insurance Different?

Condo insurance differs from homeowners insurance because condo associations typically have insurance for some areas, such as public spaces, roofing and plumbing systems. This means that condo owners may only need coverage for the interior of their specific unit. Condo insurance typically includes coverage for personal belongings, walls, floors, ceilings and any improvements inside the unit. It also offers liability protection if someone is injured inside your unit or if you cause damage to another unit, such as a leak that causes water damage in a neighboring condo.

Insurance in Southeast Florida

It’s essential to discuss your insurance policies with a qualified provider. They can make recommendations based on your specific type of home and your location. Keep in mind that Florida residents may need additional coverage for both homes and condos due to local weather risks.

Contact Wiglesworth-Rindom Insurance Agency to discuss home insurance. We can ensure you have the right coverage for your specific accommodations.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.

{
“@context”: “https://schema.org”,
“@type”: “BlogPosting”,
“mainEntityOfPage”: {
“@type”: “WebPage”,
“@id”: “https://www.floridainsurancepro.com/home-insurance/what-is-the-difference-between-home-and-condo-insurance/”
},
“headline”: “What Is the Difference Between Home and Condo Insurance?”,
“description”: “If you’ve ever searched for a home, you’ll know that no two properties are exactly alike. From homes with acres of land to townhomes and condos, each has unique features. Similarly, no two insurance policies will be the same. Whether you are in the market for your first home or are searching for your next residence, it’s essential to understand the difference between home and condo insurance.”,
“image”: “https://www.floridainsurancepro.com/wp-content/uploads/sites/141/2024/08/jxi2ap8dtnc.jpg”,
“author”: {
“@type”: “Organization”,
“name”: “Wiglesworth-Rindom Insurance Agency”,
“url”: “https://www.floridainsurancepro.com/”
},
“publisher”: {
“@type”: “Organization”,
“name”: “”,
“logo”: {
“@type”: “ImageObject”,
“url”: “”
}
},
“datePublished”: “2024-08-15”
}