Owning a condo is similar to owning a house, yet it is also different in many ways. When it comes to owning either a condo or a house, it is important to have home insurance for protection; however, the types of protection you need are not the same with homes and condos. When you buy a condo, you will still need to have home insurance, but it will be slightly different than the insurance you would need if you purchased a house.
The main difference
The main difference with owning a house and condo is what you actually own in terms of the house itself. When you own a house, you own the entire thing, including the outside of it. When you own a condo, you do not own the entire thing. Instead, you own the inside of the home. The outside of the home is actually part of the homeowner's association (HOA) that controls the community you live in. Because of this difference, the home insurance you need will be different.
You will only need to purchase home insurance to cover the inside of your home, and this coverage should provide compensation if anything happens to the inside of your home. For example, it should cover damage from a fire, storm, or vandalism.
The similarities
In addition to the difference in home insurance needs, there are also some similarities between insuring a home and a condo. One similarity is that you will need coverage for your personal belongings with both types of homes. This coverage is designed to compensate you for losses of your furniture, clothing, and other possessions if something happens to them that is covered under your policy. In both cases, you may also need to add riders to your policy to cover personal possessions not covered under your policy. An example of this could be jewelry you own that is worth a lot of money.
A second similarity is that both types of homes require having liability protection. This protection is designed to cover accidents and injuries that occur to guests of your home, and it is important to have whether you own a condo or a single-family home. If you do not have this coverage, someone could sue you if they were injured visiting your home, and you would have to pay the compensation out of your own pocket.
If you have the need to purchase any type of home insurance product, talk to an insurance company like Cypress Insurance to find out the right types of coverages for your needs.
Share20 March 2019
Ten years ago, I married my best friend in a beautiful, intimate ceremony. My husband and I have been nearly inseparable and we’ve enjoyed this special time in our lives where it has been just the two of us. However, we’re finally ready to have a baby. Because I only work part-time, my husband is the primary financial provider in the family. If something ever happened to him, I wouldn’t be able to instantly support myself and a child. Because my husband worries about an uncertain future, he is considering purchasing a larger life insurance policy. On this blog, I hope you will discover the best types of life insurance policies for young parents to invest in. Enjoy!
