Home insurance is not exactly the same as condo insurance. There are important substantive differences between the two despite the fact that both are applicable to living spaces. The specialists at the Fuqua Insurance Agency flesh out those differences below.
How Home Insurance and Condo Insurance Differ
The difference between home insurance and condo insurance is more than semantics. Though Tallahassee, FL insurance providers offer home insurance and condo insurance coverages that are similar, they are not completely the same. The primary difference between the types of insurance is the scope of protection. Homeowners are responsible for the interior and exterior of their building. In contrast, condo owners are responsible for the interior.
Therefore, home insurance covers the interior and exterior while condo insurance covers the interior. Moreover, some home insurance is applicable to surrounding land and even garages and other structures on the policyholder’s property.
Condo Insurance Subtleties
Two specific condo insurance policies exist. The first is for condo owners and the second is for condo owners associations. The prior is for individuals who want to protect their personal unit while the latter is for associations. In contrast, home insurance policies are restricted to the individual, couple or other group of people who own the property.
Condo association insurance policies usually cover the structure of the facility, siding, roof and even shared areas such as pools and hallways. Such “master policies” can also extend to the inside of the unit, covering standard fixtures, ceilings, floors and walls. Condo owners purchase their own personal condo insurance while the board of the association obtains the master policy.
Get a Quote From the Fuqua Insurance Agency
Our company, serving the Tallahassee, FL area, is at your service. Give us a call today for more information about our coverages and get your personalized home or condo insurance quote.
