Whether you already have a condo or are planning to purchase one, you will need a type of insurance known as condo insurance. Although it is similar in certain ways to home insurance, there are also some key ways it differs. Here are some of those differences, courtesy of Commonwealth Insurance Center serving the Williamsburg, VA area.
Interior of building
A condo insurance policy typically covers the interior of your building as well as your possessions that are in that building, such as your furniture, clothing, appliances, and more. With a home insurance policy, the interior, as well as the exterior of the building, are covered. That includes the land on which the house has been built.
Exterior of building
Meanwhile, with condo insurance, typically the exterior of the building is covered through a policy paid for in another way, such as via your homeowner’s or condo community’s master policy. That policy also covers all of the jointly owned property in the condo community.
Because a condo is in many instances smaller than a house and because the condo insurance policy does not cover as much as a home insurance policy does, the premium paid for condo insurance will be lower than that for a home insurance policy.
Whether you live in a house or a condo, insurance is still just as necessary, although the logistics and requirements are different based on the type of dwelling. Always make sure you have adequate coverage, no matter where you live.
Check on the details of your particular policy to verify what your condo insurance specifications are. If you would like more information about condo insurance or other types of insurance, feel free to contact Commonwealth Insurance Center, serving the Williamsburg, VA area.