How condo insurance differs from home insurance

The Difference Between Home Insurance and Condo Insurance

If you own a condo with a mortgage, your lender will insist you purchase condo insurance. You might assume that condo insurance is a variant of home insurance. Indeed, there are similarities, but several key differences exist, which necessitate independent consideration. At Jet Stream Insurance Group LLC in Miami Lakes, FL, our professional team will ensure you understand these distinctions and receive the precise level of coverage you require.

Distinguishing Between Home and Condo Insurance

Let’s discuss the primary differences between home insurance and condo insurance:

Property Coverage

For condo owners, the exterior of the building and shared areas are covered by the condo association master policy. Where your coverage commences depends on the nature of the policy held by your condo association. It can either be from the exterior walls or from the interior walls. To determine the required coverage, it’s critical to read your covenant documents.

Liability Coverage

As a condo owner, you are responsible for anyone injured within your unit or by a family member. If an injury occurs outside your unit, such as in the parking lot, the condo master policy covers it.

Similarities Between Home and Condo Insurance

There are also commonalities between home and condo insurance, including:

  • Personal Property: Your personal property is covered similarly as in a home. You can choose between the current value or the replacement value. 
  • Loss of Use: If a covered peril damages your condo, you might need temporary lodging while repairs are completed. If you have this coverage, you’ll be able to reside in a hotel or apartment until your condo is livable again.

As an independent insurance agency, Jet Stream Insurance Group LLC in Miami Lakes, FL, provides clients with greater choices and superior service. Call our office today to schedule an appointment for a personalized consultation.