Many people wonder what the differences are between a homeowners insurance policy and an insurance policy for a condominium. There are a few fundamental differences that one should be aware of in order to make sure your Virginia Beach, VA, condo is adequately insured.
The largest difference you will see is the dwelling coverage. Under a condo policy, the property policy will cover everything inside of the individual unit. The policy will pay to repair damage to the interior of the unit starting from the wall studs. In a condo, the owners pay a fee to the association and part of that fee is used to purchase an insurance policy to cover damage to the exterior walls, shared spaces, elevators, etc.
Liability coverage for condos is also meant to cover incidents inside your condo such as a guest being injured. If that same guest were to be injured at the community pool, your association policy would most likely respond to the claim.
As a condo owner, you will all want to make sure you are insured for your personal property such as your jewelry, TVs and other computer equipment. Unfortunately, most condo associations will not have an insurance policy to assist with covering your personal property. If you lose a piece of jewelry in the hallway, it is unlikely the association’s insurance will cover the loss.
Typically a homeowners insurance policy will have higher coverage limits than a condo policy. It is important to sit down with your agent at Insurance Shopper VA to discuss your insurance package for your condo to make sure you have sufficient coverage in place.
If you would like to learn more about insurance for your condo or your home, please reach out to us at Insurance Shopper VA. We proudly service the Virginia Beach, VA, area.