218 Commercial Blvd, Suite 217
Lauderdale by the Sea, FL 33308
954 492 5592
Condo and Home Insurance - Differences
One of the key differences between home and condo ownership concerns how much of your residence you have to insure. Buying a home means you own and are responsible for the inside and outside of your place, including the land it sits on. Buying a condo, on the other hand, only leaves you solely responsible (usually) for the interior of your place. The outside land, condo building structure, and building common areas are all typically insured by your condo association. Lauderdale by the Sea Home and Condo Insurance call 954 492 5592.
Dwelling and Personal Property
Dwelling coverage condo - you need just enough dwelling protection to rebuild the interior of your unit from the finished walls, ceilings and slab inward. Repairs on the outside of the building, i.e. common areas, if they were ever destroyed by a covered risk, would fall under the condo association's insurance, including all drywall. Your condo association documents should spell out what is covered. Dwelling coverage homes - is the total estimated rebuilding cost of the house and other structures on your property (fences, sheds, carports, etc.). homeowners tend to require a good deal more dwelling coverage.Personal Property aka Contents - Insuring personal property is the responsibility of condo and homeowners, typical personal property doesn't include kitchen appliances, it is covered in dwelling. You can chose replacement cost v actual cash value.
Condo Insurance, you could be held responsible if visitors in your condo are injured, you accidentally injure someone away from home, or you damage someone else's property. You need personal liability coverage to help you avoid paying out of pocket in these situations. However, you typically don't need liability protection for claims involving building common areas — if a visitor slips in the pool area or falls down in the lobby entrance, covered by association's policy. Home Insurance is different, homeowners can be found liable for injuries that happen in their residence or away from home, plus property damage they cause. Homeowners have to worry about injuries that occur on the land around their place because a home often has items that a condo unit doesn't — pools, trampolines and playground equipment, homeowners often need more liability coverage.