3 Differences Between Condo vs. Home InsuranceFebruary 17, 2022
Although owning a condo and a house may have some similarities across ownership types, there are also significant differences. For example, when it comes to condo vs. home insurance, condo coverage typically has more restrictions. On the other hand, homeowners’ policies are generally much broader with more customizable offerings available. For a closer look, consider these three differences.
1. Condo Interiors Only
With condo insurance, one major difference that sets it apart from most homeowners’ policies is that coverage is usually only for condo interiors. In other words, walls and the exterior do not have protection. Keep in mind, there may also be limits on possessions such as clothing and furniture.
2. No Coverage for Other Structures
Speaking of the exterior, another thing worth noting about condo insurance is that it usually does not cover other structures on your land, either. If you have a detached garage, pool, hot tub or deck, those structures usually require special coverage if you want to insure them.
3. Monthly Payment Options
While condo coverage limitations may be disheartening, an added upside of condo insurance is that payment options are usually more flexible. For example, many condo insurers accept monthly or yearly payments whereas homeowners’ insurance requires an annual payment with less flexibility.
When deciding between a house and a condo, remember to keep variables like insurance in mind when making your decision.