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If you’re buying a condo, you might wonder how condo insurance compares to home insurance. While condo insurance functions similarly to home insurance, it differs from home insurance in some important ways.
The professionals at Creative Risk Management LLC, servicing New Jersey, can provide information about both types of insurance if you have questions. In this article, we’ll review the differences between these two types of insurance. Here’s what you need to know.
Understanding Condo Insurance
Condo insurance is a type of insurance that will pay to repair or replace your belongings if they’re damaged in a covered event. Condo insurance also covers various types of damage to the home’s interior but does not cover damage to the condo’s exterior.
How Does Condo Insurance Differ from Home Insurance?
This is different from home insurance because home insurance covers damage to both the structure and belongings. Both types of insurance typically offer loss of use coverage to pay for your living accommodations if you need to move out while your home is being rebuilt.
Is Condo Insurance Required?
Condo insurance is usually required for people with a home loan. If you are getting a mortgage to pay for your condo, ask your lender if it is required.
In addition, your condo association may require you to have home insurance. Check your agreement with your condo association to determine if you need condo insurance.
Contact Creative Risk Management LLC for Condo Insurance
If you have questions or need a condo insurance policy, Creative Risk Management LLC, servicing New Jersey, can help you get condo insurance. Call today to speak with one of our insurance professionals.