Condo and home insurance serve similar purposes: to compensate you for damage to and/or loss of your home or personal belongings. However, they’re not the same, and understanding the difference between the two is important if you want to ensure your home is properly covered at all times.
Home Insurance vs. Condo Insurance
Home insurance covers your house, structures on the property, appliances, and personal property in the home. If you have to move out temporarily while your home is being repaired due to damage caused by a covered peril, your home insurance policy will cover the cost of your temporary accommodations. Furthermore, home insurance covers third-party property damage and bodily injury claims.
Condo insurance covers only the interior of your home, personal belongings, and loss of use, along with liability claims. That’s because your HOA has insurance to cover the home’s exterior and exterior structures, such as a detached garage or fence.
In most cases, Royal Oak, MI, homeowners only need to buy either condo or home insurance to protect their home and belongings. However, there are special circumstances that may require the purchase of additional coverage. Such circumstances include running a home-based business, renting your home/condo out for short periods of time, or storing valuable items or collections in the home.
Call High Favor Insurance for Expert Advice and Help
High Favor Insurance is always happy to help Royal Oak, MI, homeowners find and purchase insurance that meets their specific needs. Give us a call if you need help, and we’ll answer any questions you may have, offer personalized advice, and send price quotes for specific policies or policy bundles.
