Sherzer Insurance Blog
Choosing what to buy between a house and a condominium unit would probably be hard for the first time buyers. Look for the benefits of both and how to protect the property with insurance to prevent struggles on deciding between the two.
The following are four differences between Condo insurance and Home insurance that could help you decide what to buy.
What You Own is What You Need to Insure
Owning a house means owning it all; it includes the whole land and everything in it. While having a condo unit means you only have a part of the building, and sometimes the outside of it, that is included in the dues.
Nothing is Almost Equal
If the house’s fence is damaged, home insurance needs to cover it. If a natural disaster destroys the condo railing, you don’t need to pay for it since the condominium association’s insurance is liable to cover it
Also, If someone got hurt and injured in a common area of the condominium building, the association’s insurance would be liable for it. Thus, the homeowner’s insurance would be responsible for it.
Is it too much or too little?
It is vital to identify and understand the condo’s association policy to be fully aware of how far things covered and what responsibilities to possess as an owner. Owning a house requires knowledge regarding the market value which does not cover rebuilding costs; the replacement value wouldn’t be the same as its market value.
Whether you own a house or a condo, make sure to find an insurance policy that would benefit you not a little (as it would be just wasting money) and not too much but as much as you need it.
The Contents of Your Home Needs Different Policy, Either Way
All of your personal belongings are safe and secure if you’ll get policies that will cover those. Otherwise, your home or condo insurance only protects what you pay for; that is why it is crucial to understand what either policy cover.
Home and Condo Insurance seem to be almost the same, yet choose whatever would greatly benefit you. Apply for umbrella insurance either way to extend the coverage of both home and condo policies.
At Sherzer Insurance Agency, we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (239) 673-9301 or Click Here to request a free quote.