I own a condo. Is my insurance different from that of a typical homeowner?

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Asked July 25, 2013

1 Answer


A standard homeowner's policy and a standard condo insurance policy are both variations on the same type of policy. Condo owners have fewer liability concerns than someone who owns a house, but both dwellings need to be protected against perils like fire and wind, and against the potential for injuries and damages that happen on the property. In general, a condo policy is like a stripped own version of a home insurance policy, and for logical reasons.

Generally, a condo owner is only responsible for their private areas, such as a patio, accesses to the dwelling, and the interior of the dwelling itself. The building owner is responsible for insuring the common areas, other structures, and the structure of the dwelling itself. Think of condo insurance as covering from the wallpaper inward, and the building owner as being responsible from the walls out. In turn, the business owner insures the building with another type of home insurance which does not include personal property and personal liability for the inhabitants of the property.

A standard homeowners policy includes all the structures on the property, the dwelling itself and the interior of the dwelling. Any damages or injuries that happen on the property, except those that happen to the property owner, may be covered by a homeowner's policy. Basically, a homeowner's policy is a combination of the two types of policies used to insure the condo.

As a condo owner, you are responsible for insuring your own personal property. Limited coverage for personal property is included in a condo insurance policy, but the limits may be lower than the amount of property an average person owns. Be sure to compare his value of your property with the coverage provided and increase it if necessary. Since you only own the interior spaces that you use, you do not need any additional coverage for structures on the property unless you have added them yourself.

Answered July 25, 2013 by Anonymous

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