What's the Difference? Home and Condo Insurance - Temecula Insurance Agency - Carver for Auto, Home, Life & Health

What’s the Difference? Home and Condo Insurance

What's the Difference? Home and Condo InsuranceHomes and condos are similar but are very different architecturally, equally, condo and home insurance come with their own set of differences.  

Both homes and condos give you much-needed shelter. But there is no mistaking a home for a condo as they architecturally appear very different. With a condominium, you own part of a building or property, but not all of it. It's this difference in ownership that requires condo owners to purchase condo insurance, rather than homeowners insurance. Here are a few differences that you should know about home and condo insurance. What do you own? We're not asking if you own a home or condo, we know you know the difference. We are asking what do you own in your condo? Depending on your state or condo rules, you may have the responsibility for insurance everything between the bare wall, floor, and ceiling of your unit. Some master policies might cover the unit's original fixtures, thus making you responsible for any alterations or modifications that you make. If your condo comes with a patio, balcony, garage, or gardening area, you will likely be responsible for those, as well. What does condo insurance cover?
  • Personal property – Things like TV, furniture, artwork, or computers that are stolen or damaged in a covered disaster.
  • Damage to others' property – Damage for which you are found liable.
  • Medical payments – If a guest gets injured on your property, condo insurance covers the bills.
  • Temporary housing costs – If your condo is uninhabitable as it is being repaired after a covered peril, your temporary housing costs are covered.
  • Loss Assessment – For when damage occurs on common property and your condo association charges you for a share of the repair costs.
Contact the insurance professionals at Carver Insurance Services, Inc. for all of your condo insurance needs in Murrieta, surrounding areas, and California!

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