The Difference Between Condo Insurance and Homeowners Insurance

If you’re interested in the purchase of a new condo or already own one and are looking to purchase insurance, you may have some questions about your coverage options. The first thing to remember when it comes to condos is that insurance for condos can be different than insurance for homes.

Here’s what you need to know about the difference between condo insurance and standard home insurance.

Six components are different to these type dwelling types.

There are numerous components to every dwelling insurance policy, and any particular policy will be determined by who owns what.

In a condo, you do not actually own the entire structure. Instead, you own the area encompassed by the drywall. On the other hand, if you own a home, you own the complete structure.

When it comes to your insurance plan, this means that some things will be different. Six components will be different to be exact. Here are the coverage types that you should expect changes in:

• Primary dwelling coverage
• Other structures coverage
• Personal liability coverage
• Loss of use coverage
• Personal property coverage
• Medical payment coverage

All condo insurance isn’t alike either.

Furthermore, remember that the policies and rules associated with your particular condo complex will be different than other complexes. You’ll need to check with your particular complex’s plan to make sure that you understand what’s covered and what’s not.

Contact SWFL Insurance Agency Inc. for More Information

If you’re a Fort Myers, FL resident who’s interested in condo insurance, rest assured that our agents at SWFL Insurance Agency Inc. can help you find the perfect condo insurance plan. We serve residents of Fort Myers, FL and the surrounding areas and would be glad to discuss any and all coverage options with you. Give us a call today or stop by one of our locations for a quote.