If you have just purchased a condo, you may be looking to obtain home insurance to protect your investment and fulfill your lender’s requirement to carry insurance on the property. However, many people are surprised to know that there is actually a condo insurance product, covering condos. At Connect America Insurance Agency, serving the greater Jacksonville, FL area, we are often asked what the major difference between condo and home insurance is. Here is some information.
The biggest differences between condo and home insurance is what is covered. When you buy a condo, you are typically responsible for maintaining the inside of your unit. You are not required to maintain the exterior of the building or items such as the roof. As such, condo insurance is modified to only cover the items that would apply to you as a condo building, such as only covering the things that are found within your four walls of the building. Because you are not responsible for many things in a condo that you would be in a home, condo insurance is typically cheaper than home insurance as well, which is a welcome sign to many condo buyers, especially those who are just buying their first place.
If you are looking to obtain a condo insurance policy in the greater Jacksonville, FL area, Connect America Insurance Agency would love to help. We can go over your purchase agreement and homeowners association agreement and find out what you are responsible for and what you are not responsible for as far as repairs and maintenance goes in the condo. We can then put together an insurance policy that fully covers you and your investment into the building. Call us today to get a free estimate or to schedule an appointment to put a policy together for you.