Most homeowners take out an insurance policy to protect them from natural disasters, vandalism, theft, and liability issues. If you own a condo, you might not need the same kind of homeowners insurance as someone who owns a single-family home. Today, we’ll have a closer look at condo insurance and what events it covers.

Do Condo Owners Need Homeowners Insurance?

When you own a whole home, you are responsible for both the inside and the outside structures, the garage, and the garden, up to the border of the property. However, a condo is different, and you only have to get insurance for your own home and the belongings you are keeping inside it. Therefore, you should look for insurance policies that are specific to condo owners, often called condo insurance.

This kind of policy will pay for any damage or liability issues inside your own space. The condo owners’ association will have to get a separate policy that covers the shared spaces. Although you won’t have to deal with this directly, you should inform yourself about the insurance that has been taken out and what type of damage it covers.

What Does Condo Insurance Cover?

Most commonly, homeowners’ or condo insurance covers damage caused by perils, which are events that may break your belongings or cause an injury. Usually, the covered perils include lightning strikes, fire and smoke, hail, windstorms, an explosion, vandalism, damage from an aircraft, theft, and water damage. To find out what your specific policy covers, you should check with an insurance agent or call your insurance company.

In addition to perils, many types of home insurance also cover liability issues. If someone else gets injured or their property gets damaged while they’re at your home, they can file a lawsuit. Your insurance policy might pay for their medical bills, the loss of their income, and the legal expenses related to the case. You can also get add-on policies, for example, to insure valuable objects you are keeping inside your condo.

How Much Does Home Insurance Cost?

The cost of home insurance depends on several factors, including the size of your home, its location, and any known perils. For example, people in areas that are prone to flooding are likely to pay more than those who live in lower-risk zones. Similarly, older homes are more likely to be damaged, so they will be more expensive to insure.

Your individual situation will also be considered. People with lower credit scores and those who have made previous insurance claims might have a harder time finding a low-cost policy. Fortunately, you can choose from a variety of insurance companies and policies, so you have some level of control over the annual cost of insurance.

Most condo owners would benefit from taking out insurance specific to this type of property. A condo insurance policy can protect you against various events, including natural disasters, theft, vandalism, and personal injury lawsuits. Call or message us at Absolute Choice Insurance and ask us about your options. We’ll be happy to provide you with quotes and help you to choose the best policy.