Whether you’re a homeowner or a condo owner, insurance is a must and the Staples Agency is here to help you with it all. But what kind of insurance do you need? Home insurance and condo insurance may seem similar, but they are actually quite different. Here’s what you need to know.

Home Insurance

Home insurance is designed for those who own a house. It typically covers your dwelling, other structures on your property (like a shed or detached garage), personal property (like furniture and electronics), liability protection, and additional living expenses (in case you need to temporarily relocate due to a covered loss).

Home insurance policies come in two main forms: replacement cost and actual cash value. Replacement cost policies will pay to repair or replace damaged or stolen items at today’s cost, while actual cash value policies take into account depreciation and may pay less for older items.

Condo Insurance

Condo insurance is designed for those who own a condo or townhouse. Unlike home insurance, condo insurance typically only covers the interior of your unit (walls, floors, ceilings, etc.) and your personal property. The exterior of the building and common areas are usually covered by the condo association’s insurance policy.

Condo insurance also includes liability protection and additional living expenses. It’s important to note that condo insurance may not cover damage to the building’s structure, so it’s important to understand what is covered by your condo association.

Do You Need Home or Condo Insurance?

The type of insurance you need depends on your living situation. If you own a house, you’ll need home insurance. If you own a condo or townhouse, you’ll need condo insurance.

It’s also important to consider the amount of coverage you need. If you have a lot of valuable items or live in an area prone to natural disasters, you may need more coverage than the average homeowner or condo owner.

Home insurance and condo insurance are both important for protecting your property and personal belongings. Understanding the differences between the two can help you choose the right policy for your needs. If you have any questions or need help choosing the right insurance policy, contact one of our experienced insurance agents at Staples & Associates.