Condo insurance is one of the specialties at Alliance Insurance Partners, and a large number of high-quality condos in Scottsdale, AZ, and the surrounding area need protective policies. But how does condo insurance differ from renters insurance? This topic is important to understand if you plan on buying or renting a condo in the near future.
Condo Insurance Is Usually Dwelling Insurance
Renters insurance is a policy type that goes into effect for those who are renting a home. For example, apartment dwellers or those who are renting a house – or a condo – often use renters insurance to protect their belongings and the building. However, condo insurance is a little different.
In most cases, people who have a condo own it. They may only own a timeshare in the condo – or own it outright if it is their primary place of residence – but it is theirs and does not belong to anyone else. As a result, renter’s insurance is not at all the same thing as condo insurance in this instance.
Renters Insurance Would Be Pointless
While you could technically buy a renters insurance policy for a condo you owned, you’d be paying for extra coverage that wouldn’t help you much. That’s because your condo coverage already provides the insurance that you need to protect your home from a severe loss.
What is interesting about condo insurance is that most policies don’t cover the structure itself but only your belongings. The condo association would be required to rebuild the condo for you or to do repairs if it was affected by structural issues. This structure makes it similar to renters insurance.
So if you have any confusion about condo insurance and need help finding the right policy, please don’t hesitate to contact Alliance Insurance Partners. We can help those in Scottsdale, AZ get the policies they need to protect their home for years to come.