Why Is Condo Insurance Different from Home Insurance?

If you buy a condo, you may be surprised to learn that you need to buy condo insurance rather than homeowners insurance. They are very different types of policies. The key difference between the policies surrounds what each protects.

If you live in St. Augustine, FL and own a condo, Tim Huber Insurance has some information that may help you choose the right policy for your needs. Here’s what you need to know as you shop for a new policy.

Condo Insurance Covers the Interior

While homeowners need coverage for the interior and exterior of the property, people who own condos need coverage for only the interior of the unit and their own personal items. You also won’t need dwelling coverage for the building.

Your standard condo insurance may cover your personal belongings up to a specific financial limit. You may add on additional personal property coverage.

Condo Insurance Offers Different Add-Ons

You will find plenty of add-ons for condo insurance policies that differ from homeowners insurance coverage. For instance, condo owners may add loss assessment coverage. This helps cover the gap between your standard condo policy and the insurance of the condo association.

Condo Insurance Has Different Liability Coverage

When you own a condo, you don’t need liability coverage for the exterior of your home, like the yard. You only need liability coverage for the interior of your unit.

Condo Insurance Offers Different Policies

Choosing the right insurance policy for your condo can be complicated, which is why so many owners speak with insurance agents. If you live in St. Augustine, FL and want to purchase the right policy, get in touch with Tim Huber Insurance for more information about the difference between condo and homeowners insurance.