The Main Differences Between Condo Insurance & Home Insurance

The word ‘home’ means something different to everyone. Home could mean the town you grew up in, where your family has lived for decades, or the house or condo you come back to every day. In the eyes of insurance, however, a home has a very distinct definition.

If you own a home or condo, you are invested in the place you rest your head each night and where you create a lifetime of memories. While homes and condos may serve the same purpose, how you insure them is quite different, and they must be insured accordingly.

Differentiating Condo Insurance & Homeowners Insurance

The main difference between condo insurance and homeowners insurance is what is required to be covered under the policy, and it all comes down to ownership.

Homeowners Insurance

With a home, you own the land it sits on, the garage, and even the shed in the back. Whereas when you own a condo, you own space you reside in, but the condominium company owns the land and amenities.

For a home, anything that happens on your property, including on any land you own, is your responsibility. You can modify your home insurance coverage based on your needs and the common risks in your area.

Home insurance also protects the homeowner against liability. While owning a home opens you up to more liability, as accidents can occur not only inside your home, but anywhere on your property, your insurance can protect you if anything goes wrong.

Condo Insurance

Unlike homeowner’s insurance, condo insurance only covers everything inside your walls. It can protect you against liability and cover property damages.

For a condo, the rest of the structure is typically covered by condo association insurance. Condo association insurance should cover the facility itself and the amenities you share with the rest of the people in your building.

However, it is important to understand exactly what your specific condo association’s insurance covers because any property not insured by the association is the responsibility of the condo owners.

Getting the Best Condo Insurance for You

You can get in touch with your condo association to better understand what their specific coverage insures so you can best protect yourself and your property.

Selecting the best insurance policy, no matter the type of property you own, can be an intimidating task. Contact GWK Insurance to help you find the policy that best fits your specific home or condo needs!