Fords, NJ residents who are looking to get the most out of their insurance policies will often ask questions about condo insurance and homeowner’s insurance. Surely, if the client has already purchased homeowner’s insurance, they are also keeping their condo safe in the process?
Wrong. While a homeowner’s insurance policy does provide dwelling and structural coverage, it is not a reasonable replacement for a proper condo insurance policy. A condo insurance policy requires the policy holder to have purchased enough coverage to potentially repair the unit’s entire interior if needed.
Meanwhile, any repairs that will need to take place when it comes to the building’s exterior are going to be covered by homeowner’s insurance. The cost of rebuilding tends to be much higher for a home than it would be for a condo but that does not mean that the condo owner should rely on this form of insurance exclusively.
Personal liability coverage is yet another aspect of condo insurance that cannot be ignored. A condo owner that does not purchase a specific insurance policy is leaving themselves open to a wide range of lawsuits. Without personal liability coverage, the client could be left paying out of pocket if someone is injured on their property.
There are no shortage of risks to be aware of. A homeowner’s insurance policy and a condo insurance should be purchased, so that the condo owner can receive the peace of mind that comes with knowing that they will always remain safe. Preparing for any and all domestic perils that could take place is of the utmost importance.
Looking to find out more about the differences between condo insurance and homeowner’s insurance? Be sure to contact Five Star Insurance Agency as soon as possible. We are here to serve Fords, NJ and the surrounding areas.