While some people may use these two types of insurances interchangeably, they are very different regarding what they cover and how much they cover. If you have a condo, then you do not need home insurance because it will not meet your needs. These are just a few ways the two differ according to Alliance Insurance Partners, serving Scottsdale, AZ.
- Home insurance covers more liability. With a home, you need to have liability coverage for the structure as well as the land and any other items that you have on that property. This is not the case with condo insurance where you only need coverage for the dwelling. If you have home insurance instead of condo insurance, you are paying too much for the excess liability insurance.
- You may need extra insurance for anything not covered by the building. Most condominiums have insurance coverage for the communal areas, but if there are things that are not covered by them, then you will need to make sure that you have this coverage in place. Home insurance will not cover things like this on its own, which is why condo insurance is the best option.
- You need to protect yourself from your neighbors. Another thing that home insurance likely does not cover are any damages caused by a tenant. If they cause damage to your property because of an accident, you want your condo insurance to kick in.
Now that you understand how the two are different, you need to make sure you have the right kind of coverage in place for your condo. Contact Alliance Insurance Partners, serving Scottsdale, AZ, to get started with your condo insurance quote today.