According to statistics from recent years, condos have fast become one of the most popular property investment options. To successfully insure real estate of this variety, you know the differences between homeowners’ coverage and a condo policy. Standard home insurance includes protections for both the interior and exterior of the house, as well as personal possessions stored within. With a basic condo policy, only the unit’s interior is protected.
Distinguish Between Home and Condo Coverage
Assessing the main distinctions between condo vs. home insurance can provide perspective on how each plan protects your assets. Home coverage will usually include structures on the property, such as pools, gazebos, or sheds.
Condo insurance does not include additional structures or possessions in your unit. However, condo policies do offer higher coverage limits for loss than home insurance. To maximize the effectiveness of your insurance plan, consider adding extra policies. Useful insurance services for condo owners include:
- Coverage for personal property and high-value possessions
- Liability protections for incidental risks
- Policy options for rebuilding in the event of structural damage
Plan for Your Investment
Though different property types will require distinct insurance solutions, a little research can provide you with insight into your options. Review the details of standard condo coverage and see what additional steps you must take to find complete protection.