What’s the Difference Between Condo and Home Insurance?

What's the Difference Between Condo and Home Insurance?

Before you purchase condo insurance blindly, make sure that you understand what your policy does and does not cover. 

A condominium is different from both a house and an apartment because you own a part of the building or property, but not all of it. In that way, condominium insurance is different, too. Like homeowners and renters, condo owners want to be insured against financial loss brought by (covered) disasters like theft, fire, lawsuits, et cetera. But a condominium insurance policy will be covered by two separate insurance policies that protect different parts of the whole.

The first of these will be called the master policy which is generally owned by the condominium association. This policy covers structures and areas owned by all residents of the building. It typically includes things like stairways, exterior halls, recreational rooms, the grounds, swimming pools, and elevators.

The other policy is individual coverage which protects your personal property and the cubic area of the building that belongs to you.

What does condo insurance cover?

  • Personal property like furniture, computers, artwork, jewelry, and other such items.
  • Loss assessments should something in the building get damaged and your association bills you for a share of the repair costs.
  • Damage to another person’s property for which you are liable (meaning you have to pay the damages).
  • Medical payments if a guest is injured while on your property. Medical bills are expensive and this policy could save you from having to reach deep into your pocket.
  • Temporary housing costs should be covered if a disaster should render your home uninhabitable and require that you temporarily live elsewhere.

A proper condominium insurance policy will cover your condo for all covered perils. Contact Lloyd S. Berkett Insurance Agency worldwide for all of your insurance inquiries and needs.

11150 W. Olympic Blvd.
Suite 610
Los Angeles, CA 90064

(310) 857-5757
(800) BERKETT | 237-5388
Fax: (310) 857-5750

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