Are you considering purchasing a condo or a home? If so, you likely are curious about the differences in insurance. First and foremost, it is important to note that the rules differ between the two policies, and a condo will vary from complex to complex, so be sure to ask any questions you may have to secure proper coverage. There are many significant differences between condo insurance and homeowners insurance. However, both policies have similar areas of concern. The key differences are all based on ownership status. Condo ownership encompasses the unit’s walls and everything within it, which you can insure with Augusta Condo Insurance. In contrast, homeownership involves all the exterior and the property land around it.
Components of Condo Insurance
Primary Dwelling
The primary dwelling covers the structure of the unit itself (the drywall). Coverage for other structures typically does not apply to a condo.
Personal Property
This will protect the items within the unit, such as jewelry, clothing, and other valuable possessions. You will want to determine what is already included in the condo association policy.
Loss of Use
This is protection if the dwelling has become “uninhabitable” due to damage.
Personal Liability
This coverage will protect you financially if someone became injured or their property was damaged while on your property.
Medical Payments
This policy covers the medical expenses for all injuries sustained that fall under the personal Liability terms.
Components of Homeowners Insurance
Primary Dwelling
This will insure the entire structure, including all relating construction and the key elements, such as cabinetry.
Other Structures
This covers exterior structures such as sheds and detached garages. The protection is typically worth 10% of the home’s value.
Personal Property
A personal property policy for homeowners will cover all personal belongings inside the home at half of the home cost.
Loss of Use
This protects the homeowner if the house is eventually considered “uninhabitable” under specific policy terms.
Personal Liability
This covers the homeowner if an individual becomes injured on the homeowner’s property or another party endures property damage on the homeowner’s property.
Medical Payments
This will cover the homeowner’s responsibility for medical expenses that arise due to injuries and damages that take place from the personal liability.
About Provident Protection Plus
At Provident Protection Plus, we have served the businesses and residents of New Jersey, New York, and Pennsylvania for more than 65 years. We are a wholly-owned subsidiary of Provident Bank, the region’s premier banking institution, and we are prepared to offer you personal, business, employee benefits, and risk management solutions. To learn more about our coverage options, contact our specialists today at (888) 990-0526.