If you’re moving into a condominium and want to protect your space and belongings, it may seem obvious to purchase a condo insurance policy — after all, the word “condo” is in its name. However, there are some scenarios where you may need to purchase a home or tenant insurance policy for your condo instead. Here’s how to quickly determine which type of insurance policy to buy when you’re moving into a condo.
Conventional condominiums are usually apartment-style units in high-rise or low-rise buildings, where you have control over your unit within its walls, but everything else is considered common property. Townhouses and duplexes can also be considered conventional condos if the owners don’t own any of the land outside the unit.
If your space matches the description above, you own it, and you live in it, then you should purchase a condo insurance policy. Like home or tenant insurance policies, your condo insurance policy will protect you, your belongings, and any improvements you make to your unit. Your condo insurance policy should also cover liability claims, additional living expenses, and identity theft. For coverage to the building and items in common areas, your condo corporation will have a separate insurance policy.
Unlike conventional condominiums, bare land condominiums (including townhouses and duplexes) come with land. This means that part of the building and at least part of the landscaping are within a unit’s boundaries and aren’t considered common property.
If your space matches this description, you own it, and you live in it, then you should opt for a home insurance policy, as many home insurance policies include coverage for bare land condos. Most home insurance policies will provide basic coverage for your condo, your personal belongings, and any detached structures on your property.
Your home insurance policy should also provide coverage — with limits — for additional living expenses, third-party liability, no-fault medical benefits, and no-fault property damage. You can also customize your coverage and add endorsements to your policy to make sure you have the protection you need for your space.
If you rent any type of condo (whether it be a conventional or bare land condo) from another person or company, you should purchase a tenant insurance policy.
While your landlord likely has their own insurance policy to cover the walls around you and any major appliances that came with your unit, a tenant insurance policy will protect you and your belongings. Like condo and home insurance policies, tenant insurance policies also provide coverage for liability, additional living expenses, replacement costs, and identity theft.
When you’re shopping for insurance, contact us at Whitley Newman Insurance. Our brokers will not only know which type of policy is right for you, but they’ll also compare coverage and prices from several insurance companies to make sure you get the right coverage to suit your needs. And if you’re already insured with us, we can review your policy to make sure you have the right coverage. Call us today at Whitley Newman Insurance 1-800-653-1924 or contact us online and we can help.
The content in this article is for information purposes only and is not intended to be relied upon as professional or expert advice.