Hausmann Insurance & Financial Services is happy to assist Charlotte and Waxhaw, NC residents with all their insurance requirements, including condo insurance. Here are some of the common questions we encounter when condo owners are trying to decide on the best coverage for their needs.
What is condo insurance?
Condo insurance is insurance that covers the inside structure of the condo and the owner’s belongings that are inside the condo. There is a type of insurance that the complex carries, called the condo association or HOA master policy. This includes both the exterior and the common areas of the entire complex.
The type of condo insurance that you will need as a condo owner will depend on the type of insurance coverage that the master policy has. Condo insurance includes dwelling coverage, medical expenses, liability coverage, personal property coverage, and loss of use coverage.
How does condo insurance differ from renter’s insurance?
Condo insurance is very different from renter’s insurance. Renter’s insurance covers the belongings of the renter and liability if something happens. Condo insurance covers the inside structure of the condo. If the owner is living in the condo instead of renting it out, it takes care of personal belongings. If the owner with condo insurance is renting it out, then it only takes care of the inside structure, and whatever appliances or furniture are included in the rental.
How is condo insurance different from homeowner’s insurance?
Condo insurance is similar to but different from condo insurance. Condo insurance covers the inside structure and liability in case someone gets hurt, or their personal property gets damaged. Homeowner’s insurance covers outside structures, personal property, liability, and the inner and outer structures. Condo insurance is cheaper than homeowner’s insurance because it does not protect the whole structure.
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There are many similarities and differences between condo insurance, renter’s insurance, and homeowner’s insurance. For more information, contact us at Hausmann Insurance & Financial Services located in Charlotte and Waxhaw, NC.