Differences Between Home and Condo Insurance Policies

Insuring your living space is important, no matter what kind of dwelling you’ve chosen to make your own. There are options out there for renters that cover specifics like flats, townhouses, or even freestanding homes specifically, protecting your belongings and covering your liability in the event of a crisis that damages the property. When you buy a place, the policies change, and depending on whether you bought a home or a condo, the coverage needs will include features of the structure in addition to liability coverage and protection for your on-site assets and possessions. That doesn’t make condo apartment insurance coverage the same thing as a home owner’s policy, though.

Condo Policy Specifics

Condos tend to need what is sometimes called a walls-in policy. In most cases, the condo association or its associated management winds up covering the exterior of the structure and common areas like the gardens and parking lots on the grounds. The owner is responsible for the features within the unit, though. There are some exceptions, because not every board defines common areas the same way, but when you own a condo in a multi-unit building, it’s the general rule. What does walls-in mean?

  • Pipes and plumbing within the unit
  • Electrical wiring and fuse box issues
  • Interior damage and personal property damage due to disasters
  • Feature-specific coverage built around your unit and condo development

Most people seeking condo apartment insurance coverage start out by looking for policies for homeowners, because the condo is a home. Policies designed for freestanding houses tend to require higher minimums than many condo owners need, though, and that’s another great reason to seek out condo-specific insurance.