Key differences between home insurance and condo insurance
There are some key differences between traditional home insurance and condo insurance. For best advice on homeowner and condo insurance in Brazoria, Friendswood, Galveston, Houston, League City, Pearland and the Texas gulf coast you should consult with an independent local agent such as Rick Tinker.
When you own a free standing home or other property that is not part of a complex then you need homeowner insurance that covers your entire property. When you buy a freestanding home you are responsible for the inside and outside of your buildings as well as the land falls within your boundaries. In the case of a condo you are only responsible for the inside of your apartment. A condominium is part of a bigger complex and your home owners association will be responsible for ensuring the condo building structures and common areas.
If you own a condo you will only need enough property insurance to restore the interior of your apartment and to cover personal possessions and valuables. Whether you one a home or a condo, you still need liability insurance to cover in the event of injury to 3rd parties. However in the case of a condo you can only be liable if injury or loss results from an accident or event in your condo. If someone suffers injury in a common area of the complex, such as a shared pool, the HOA insurance will kick in.
Insuring personal possessions and valuables is essentially the same for home owners and condo owners. Your personal coverage should be enough to enable you to replace personal belongings such as jewelry, collections, equipment, furniture and clothes.
For best value condo or homeowner insurance you should speak to an expert at an independent agent. They will be able to arrange the right amount of coverage to match your risks and to suit your budget.
