While there are many similarities between the kind of insurance you can get for a single family home and the kind of insurance you get for a condo, there are a few important differences. For example, when you buy a home, you are responsible for the entirety of that home, both the interior and the exterior, as well as the land around that home.
This is not always the case when you buy a condo, however, especially because you might be sharing exterior walls and land with your neighbors. Most common areas are owned jointly or are governed through a home owner’s association, which means that you likely will not need to purchase insurance that covers these spaces.
Owning a condo has a different set of responsibilities from owning a home, and this necessitates different kinds of insurance.
The biggest difference is in how the dwelling itself is covered. In condo insurance, you need only enough protection for the interior of your individual unit, as the exterior is usually covered by the condo association’s insurance.
Repairs on the exterior are the HOA’s responsibility, while, if you were buying a house, they would be your responsibility.
Liability coverage is also slightly different. Home owners have to worry about the land around their property and what happens on it, while condo owners are not responsible for this property and therefore do not need liability insurance that would cover damages or accidents on this land.
When it comes to personal property coverage, however, condo owners and home owners will need the exact same kind of coverage and will be a major factor in deciding how much insurance you need to purchase in order to keep your condo and the items inside it safe.
