How does condo insurance compare to home insurance?

When it comes to deciding what type of building you want to call home, you will compare homeownership’s pros and cons vs. condo ownership. The differences between detached homes and condos are also reflected in a condo and home insurance. At FB Taylor in Nederland, TX, we are locally owned and operated. Our team works hard to make sure we meet or exceed all of our customer’s expectations.  

When you own a condo, you are not responsible for all the insurance on your unit. The condo association has a master policy that covers parts of it. You are not responsible for the exterior and the common areas. Depending on what type of condo you have, this can be elevators, parking lots, sidewalks, and recreation areas, as well as the roof. You are responsible for the things inside the walls of your unit. Before you decide on a condo insurance policy, be sure to read all the details of the condo master policy. Hence, you understand exactly where their coverage ends. You do not want a coverage gap.

Condo owners should add a type of coverage homeowners don’t need to buy, loss assessment coverage. This will help cover an assessment the condo association requires when an insurance claim goes beyond the maximum coverage. 

When it comes to liability coverage, condo owners only need to pay for coverage within your unit. The condo association covers the common areas. With home insurance, you need to pay for liability insurance for your entire property, garage, and lawn. 

The most similar type of coverage is personal property coverage. It doesn’t matter if you have a condo or a detached home; you have lots of personal property that needs protection. 

Contact FB Taylor in Nederland, TX when you need condo insurance. Our experienced team will help you find the perfect coverage.