Difference Between a Homeowner and Condo Insurance

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Condo insurance, formally referred to as HO-6 insurance, is different than homeowners insurance in that a condo insurance does not need to insure the building since the condo's master insurance policy will already be insuring the building and any other common areas shared by all residents such as pools and playgrounds.

As a result of less items having to be insured in a HO-6 condo insurance policy, the cost will be a bit more cheaper but will still be more expensive than a renters insurance. Most standard HO6 policies will include the following:
  • Personal property coverage
  • Personal liability protection
  • Additional living expenses
  • Additions and Alterations
  • Loss assessment coverage
  • Deductibles

Personal Property Coverage

Personal items such as TVs, laptops, sofa and furniture are covered. For items such as money, jewelry, expensive watches and firearms, there are typically maximum limits to what the policy will cover.

Personal Liability Protection

With the amount of lawsuits nowadays, liability protection is more important than ever. Liability protects you in case people are hurt on your property, injuries caused by you, your children or pets or if you damage other people's property.

Additional Living Expenses

If the condo is damage and you are forced to live elsewhere while the repairs are being made, your policy will typically coverage a percentage of the expenses. The coverage may be as little as 25% to as much as 100% depending on your policy. The higher the policy covers, the more the insurance will cost you.