For many families, there comes a point when it makes sense to step away from homeownership and into a smaller or lower-fuss condominium. While there can definitely be many benefits for families who choose to do so, many people don’t consider how their insurance needs might change with their change in address—and the difference between homeowner insurance and condominium insurance can be truly staggering for policyholders who are caught unaware.
The Differences Between Homeowner Policies and Condo Policies
Although some differences in coverage will be entirely determined by the fine details of your insurance policies, there are a few major differences that come with the change from home to condo coverage that can take new condo owners by surprise:
- Condo owners may be covered by a combination of their own insurance policies and coverage held by the condominium association.
- Depending on where you choose to live, there may be huge differences in what is covered by the condo association and what you will need to consider in your personal coverage.
- Making sure you are fully protected in the event of a problem can be far more complicated for condo owners, as there are more policies, individuals, and entities likely to be involved in coverage decisions.
This is hardly an exhaustive list. Overall, condominium policies can be extremely complicated, and it’s worth carefully reading over the documentation you receive from the condo association and your own insurance carrier.
Getting Answers About Condo Insurance Coverage and Damage Claims
Getting the most out of your condominium insurance often means taking the time to look at your needs and carefully plan ahead. If you have recently moved from a house to a condominium, don’t be afraid to look for answers to your questions about your insurance coverage. Join us on Facebook for regular tips and updates from our team, or browse our YouTube channel for more valuable information about policyholder claims.