When it comes to your property, it’s important that you have the necessary insurance coverage. That way you’re best protected from a disaster. However, your coverage varies depending on the type of property that you’re insuring. Find out what you need to know about how homeowners and condo insurance differ.
A house tends to be a single-owner property, whereas a condo tends to be a multi-owner property. When it comes to insuring your house, you’re responsible for insuring the whole thing. However, when it comes to your condo, insurance becomes more complex. Since multiple people live on the property and common areas are shared, a different type of dwelling policy is required for condos.
When it comes to using condo insurance, it’s important that you determine what you own and what your homeowners association owns. Common areas such as stairways and swimming pools are often covered under a master policy. To cover your condo and its contents, it’s important to invest in an individual policy.
Condo insurance covers a variety of elements. From personal property coverage to personal liability costs to property loss assessments to temporary housing costs, you get a wide range of coverage. Additionally, it’s not a bad idea to increase coverage limits or to get coverage for special disasters. That way you can rest assured knowing that you’re well covered.
When it comes to your property, ensure that it’s well protected with the right homeowners insurance coverage. Contact Mike Leonard Insurance Agency in North Texas. We’ll work to get you the right coverage from one of our carriers Kemper, MetLife, Travelers, The Hartford, Safeco Insurance, Progressive, and American Strategic Insurance so you can rest easy with excellent protection.