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Do you live in a condo vs. a single-family home? Or are you considering a condo for an investment property? If so, you might not realize that condo insurance is different than homeowner insurance.
Condos are popular with empty nesters and retirees, and they are also popular for those looking to invest in a rental or vacation property because they often come with amenities and lower maintenance.
But condos need condo insurance. So, what’s the difference?
Condo insurance does feature many of the same things covered in a typical homeowner insurance policy, like property and liability coverages. But there are some differences.
If you live in a condo, or you know someone who does, you know that most condos have associations that govern things. And those associations can come with fees that cover maintenance, upkeep and amenities.
They also usually have insurance policies of their own.
Your personal policy will cover your condo – if it is damaged, broken into etc. It’ll also cover what is IN your condo, otherwise known as your possessions. A condo association insurance policy won’t cover either of those things.
And your personal condo insurance policy will also cover you for liability, in case you or someone else is injured on your property.
It’s always a good idea to do some investigating before you buy a vacation or investment condo in a condo association, to make sure you and your future home are protected.
After all, accidents and bad things do happen, but good insurance can save you a lot of headaches down the road, so you can enjoy life in your condo.
Crumrine Financial Services
At Crumrine Financial Services, we can help you find the right coverage for your vacation or investment condominium. If you have questions or concerns, we are here to answer them! Request a quote today!
