Find Out All About Home Insurance and Condo Insurance so You Can Best Protect Your Home
May 9, 2017
Learn how houses and condos differ so you can get the right insurance.
When it comes to your home, it’s important that you invest in the right protection. Keeping your home safe from disaster is a must. However, the type of home you live in determines what kind of insurance you need. When you live in a single-family house, you need homeowners insurance. When you live in a condominium, you need condo insurance. Find out what you need to know about the difference between home insurance and condo insurance.
House vs. Condo.
When it comes to homeownership, both home owners and condo owners need the right insurance to protect them. However, the differences in these policies are dependent on how ownership works. When you own a home, you’re responsible for the whole property. However, as a condo owner, you’re only responsible for the portion that you own. Since it’s a multi-unit living facility, there are parts that you own and parts that the residents’ homeowners association tends to.
When it comes to your condo insurance, it’s important that you know what you own. Find out what you’re responsible for so that you can then purchase the right insurance. Common areas are generally covered under a master policy that works to protect your complex. However, when it comes to areas of individual ownership, you need an individual policy. Condo insurance gives you the coverage that you need. From loss of property to injury to personal possession protection, your condo insurance works similarly to a homeowners insurance policy so that you’re well-protected.
When it comes to your home, it’s important that you have the tools to protect it. From houses to condos, protect your home with the right home insurance and condo insurance. Located in Illinois, Thomas Ward Insurance serves all your personal and commercial insurance needs. Contact us for more information.