How Is Condo Insurance Different from Homeowner Insurance?

If you own a condo, condo insurance can provide valuable support during the recovery process after covered events. If you’ve previously owned a home and had home insurance, you may already be familiar with how home insurance works. Understanding the differences between condo insurance and home insurance can help you make informed decisions as you move forward with purchasing condo insurance.

The professionals at Five Star Insurance Agency, serving Fords, NJ, are here to help. We answer customer questions and provide guidance to ensure you make the right insurance choice.

What Is Condo Insurance, and How Is It Different From Home Insurance?

Condo insurance and home insurance both provide coverage for events such as theft, vandalism, fire, and lightning. When a covered event occurs, home insurance typically covers the repair or replacement of the home’s structure and its contents.

Condo insurance, on the other hand, covers the repair or replacement of damaged contents within the condo but does not cover the entire condo structure. Generally, condo insurance applies only to the interior parts of the condo, while the exterior and shared spaces are typically covered by the condo association’s master policy.

Is Condo Insurance Worth It?

Many condo owners find condo insurance a worthwhile investment because it helps protect them from financial challenges that can arise after a covered loss. If you’re financing your condo with a mortgage, condo insurance will likely be a requirement of your loan. Even if your mortgage company doesn’t require it, your condo association may mandate that you carry insurance.

How Can I Get Started With Condo Insurance?

The professionals at Five Star Insurance Agency, serving Fords, NJ, can help you find the best condo insurance to meet your needs. We work with a variety of insurance carriers to ensure you have options. Contact us today to learn more and get started!