Home Insurance

What’s the Difference Between Condo and Home Insurance?

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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.

What Happens to My Home Insurance Policy When I Move?

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Are you looking to move from your current place of residence but are not sure if you can transfer your existing home insurance policy to your new home or get back some of the money?

Whether you receive a refund from your insurance firm is dependent on several factors such as where you are relocating to and the amount of money you have paid into your current insurance policy.

High Favor Insurance in Birmingham, MI is an insurance company that can help you with the policy terms. Contact us today for more details.

Insurance Term

Insurance firms provide different payment choices like bimonthly, monthly, yearly, semi-yearly, or quarterly payment plans. When you relocate to another home, whether you will be refunded will depend on your current payment plan.

Given that you pay a premium annually or semiannually, you should expect to get some money back if you are not in the same month you are meant to make a policy renewal. On the other hand, if you are under a monthly payment plan, it is not likely that you qualify for a refund.

Termination Process

You are required to contact the insurance firm early enough before moving to help calculate your refund. The firm needs to know the final date you want your current house covered so that it can calculate the amount of money they should give back to you. You should give them your new address as well.

You can terminate your policy any time you want, but the firm will not give you a refund until the final coverage date. Furthermore, if you are moving the same date that your insurance renews typically, you should still contact your insurer to tell them that you don’t want to renew your insurance policy.

Transfer

Instead of terminating your policy, you could also transfer it to your new home and make all the necessary premium changes. Here, you will not get a refund.

High Favor Insurance in Birmingham, MI can help you with the policy terms. Contact us today for more details.