How Does Condo Insurance Differ from Home Insurance?

When you are shopping for a new home, it’s helpful to understand the difference between home and condo insurance. THINK Insurance & Financial Services can provide quotes and walk you through the pros and cons of each. This enables you to make the transition from a house to a condo or vice versa, more confidently in Pomona, CA.

Liability Insurance: Condo versus Home Insurance

Under condo insurance, you are responsible if someone gets hurt or you unintentionally damage their property while they are in your condo. Liability coverage for condos helps you safeguard your finances. However, if someone gets hurt in a common area, such as the lobby or pool, the HOA insurance typically covers it.

Homeowners liability is similar to condo owners’ responsibilities. Your home insurance should cover injuries and property damage that occur at your home and beyond. However, homeowners are also liable for accidents and injuries that occur on the land they own. Trampolines, playgrounds, and pools increase your risk and can affect the cost of insurance. 

Personal Property Insurance: Condo versus Home Insurance

Under condo insurance, covering personal items falls under the owner’s responsibility. The HOA coverage protects common areas such as hallways and rooftops. However, your condo insurance reimburses you for losses such as furniture, electronics, clothing, and jewelry. Under homeowner’s insurance, personal property works in much the same way. You need enough insurance to pay for all your belongings in case of a total loss. 

To ensure that you have a handle on the value of your belongings, take an inventory, and estimate the value of each item. You’ll need to secure insurance for at least that amount to avoid paying to replace the items out of pocket. 

Your agent from THINK Insurance & Financial Services can provide examples to help you understand the risks and responsibilities associated with home or condo insurance. Call today to set up an appointment at our Pomona, CA office or to ask us any questions you may have. We’ll be happy to provide quotes and walk you through available policies.