How Is Condo Insurance Different From Homeowners Insurance?

Homeowners vs Condo Insurance

Condo insurance and homeowners insurance are similar in the fact that they both cover the inside of a home, personal property, and personal liability. The main difference between these two policies is how they insure the structure of a home.

Homeowners vs Condo

Homeowners insurance covers the inside and the outside of a home – AKA a structure. On the other hand, condo insurance will usually only cover the inside of someone’s individual unit. The outside of the condominium building is typically covered by the insurance that the entire condominium association holds. Association insurance will also most likely cover common areas and the surroundings of the building.

The general policy for a condominium association can either be classified as ‘all in’ or ‘bare walls-in.’ An ‘all-in’ policy covers the fixtures within the condo, like the carpet and fitted appliances, but a ‘bare walls-in’ policy doesn’t cover anything within the interior of the condo.

Depending on the type of general association insurance, condo insurance may provide coverage for:

  •  Building Property
    • Building property covers the interior of a property. That means the walls, floors, ceilings, and built-in furnishings that are meant just for you to use and not other condo owners.
  •  Personal Property
    • Personal property coverage includes your personal belongings within the condo, and that includes appliances. You may need to purchase additional coverage for items of high value like jewelry and artwork.
  • Personal Liability
    • If someone is injured on your property or if you are liable for damaging someone else’s property, your medical expenses and legal fees can be covered by personal liability.
  • Loss of Use
    • If your condo is no longer habitable after a catastrophe, you may be covered with the relevant increased costs to alternative housing so you and your family can continue with your standard of living.

These policy coverages are included in every homeowners insurance policy, but may vary in a condo insurance policy depending on the type of condominium association insurance your building holds.

Lott & Gaylor Insurance

At Lott & Gaylor, we’re the experts on condo insurance in Fort Myers and homeowners insurance in Fort Myers. Depending on the coverage you require and the type of dwelling you live in, we can find a policy that works for you and your needs. We can help you make sure you are not over-insuring or under-insuring your residence, and that you are always protected.

For a free quote, get in touch with us today

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