Condo Owners Insurance vs. Traditional Homeowners Insurance
Look At Condo Owners Policies
Yes, you own your condominium
, but the nature of that unit is a bit different than a traditional free standing home. So your condo owners insurance will be a bit different than traditional homeowners insurance. And this will also be a bit different than a renters policy if that is what you were used to before.
You own your unit, but it is within a buidling that shares some common structures with the whole building. That building is probably managed by some type of conominium association. This association will have a policy that covers common areas.
So, your policy will not cover the common areas or building that are covered by the association policy. This answer may seem sort of evasive, but that is because this may differ in different states or, even, in different condominium buildings. A common roof or swimming pool may be covered by the building association policy, while your own internal fixtures or personal property would be covered by your owner’s policy.
There may also be other exclusions to your policy, but these will be determined by the particular insurer you use and how you structure your policy. For example, and ordinary policy may not cover floods or any activities associated with running a home business.
Condo Owner Insurance Costs
We cannot begin to give cost estimates either. An Arizona or California condo policy will be different than a Florida Condo Insurancce policy. And of course, the value of the unit, where it is located, and your own insurer will affect the premiums. Even if you use the same insurer and have an identical unit to your next door neighbor, your premiums could be different because of your credit rating, personal property, etc.
You, or your neighbor, may also be entitled to homeowners insurance discounts. For example, insuring a vehicle and a home with the same company is a common way to earn a discount.
If your condo is a second home, and you lease it out sometimes, be sure to let your insurer know this. You may also need landlord coverage, in addition to your condo owner’s policy.
That is why we urge you to take a few minutes to get fast insurance quotes with competitive, name brand companies. You can find information online, and you can also find qualified local agents to help you get comprehensive coverage at an affordable price.
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