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What Are the Differences Between Home Insurance and Condo Insurance?

Updated: Nov 7, 2022


Owning a house or a condo is similar yet different in many ways. Both come with the opportunity for you to enjoy a living space, which is all yours. The major difference between a condo and home ownership is the extent of the residence that you need to insure.

For home insurance, you need to own responsibility for the interior and exterior of your house, which includes the land. Condo living, on the other hand, only holds you accountable for the interiors of your home. At Grandin Agencies, we offer insurance coverage plans which provide suitable insurance options for you. Our services include car insurance, motorcycle insurance and RV insurance. We offer discounts as well. Read our blog on the questions to be asked about motorcycle insurance. Top Three Differences between Home Insurance and Condo Insurance Have a look at the differences between home and condo insurance: 1. Ownership differs If you own a house, the entire property belongs to you, including the land. But, in the case of a condo, a specific portion of the establishment is yours. Areas such as the terrace and the hallway are out of private ownership. If there's any damage in a shared area, you might be asked to pay for it. If it is a house and you have insurance, it will cover all the expenses of the damage caused, or you will have to pay for all the damage. 2. Liability handling You will have to cover the medical expenses of visitors if they are physically injured while visiting your condo. Your condo insurance will cover the expenses. If homeowners are found liable for an injury caused to a third party (anyone visiting the property, family or friends) they’d need more coverage as compared to condo owners as they have more facilities, such as pools, playgrounds, et cetera. The coverage amount is considerably higher than for condo owners. 3. Coverage of personal property Personal items need to be insured to avoid losses incurred because of thefts or fire accidents. Condo owners generally insure their electronics, jewelry and other valuable items in their possession. Whereas, homeowners need to insure their entire property to avoid incurring greater losses in case of theft or break-ins. Homes have a lot more valuables than condos, thus it wiser to get proper personal property coverage. Contact Grandin Agencies to get home insurance or condo insurance today!


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