Condo insurance: Why it is different from home and renters insurance

Your home, whether it is a rented apartment in Birmingham, MI, a condo, or a house you bought, is your primary space for resting. It is where you keep your assets and valuables. That means that you need to purchase insurance to protect you, your family, and your loved ones, as well as the content.

Depending on where you live, you will need to buy either condo insurance, home insurance, or renters insurance. If you live in a condo, you will need to purchase condominium insurance. High Favor Insurance will help you discover why condo insurance is different from the others.

The difference

Condo insurance is a bit similar to homeowners’ insurance as it is for people who own a condo. Homeowners insurance is a policy for individuals who own their homes while renters insurance is for those who rent their homes.

The coverage difference

The coverage also differs from one insurance to the other. For instance, condo insurance covers damages to your personal belongings and the whole condo structure and complex.

Renters insurance only covers the contents of the home and not the walls, floor, ceiling, or any other external structure. In renter’s insurance, the landlord is responsible for the structure of the building and any external structures like the gate and fence.

Homeowners insurance covers the whole home structure, other structures like the stand-alone garage, shed, and contents of the home. It has a list of covered accidents and perils similar to condo insurance and renters insurance like theft, fire, storms, tornados, and lightning.

Insurance premiums differ from one insurance provider to the other. Speak to your High Favor Insurance expert to learn whether condo insurance is right for you. Visit our Birmingham, MI offices or call us today!