Does Homeowners Insurance Cover Condominiums?

​Do you own a condominium unit? If yes, are you wondering if your homeowner’s insurance will cover you during accidents in your condo? In case of fire or theft, will you be able to make your insurance company pay for the damages or cost of equipment or possessions? In this article, we will discover the reasons why your homeowner’s insurance cannot be used to cover condominium unit accidents. 

Condominium vs. Homeowners Insurance
For starters, as a condo unit owner, you don’t own the land or building that your home sits on. A condominium association owns them. The condominium unit that you are renting is covered by a master policy as well as the public space and share features such as elevators, roofs, and plumbing systems. 

With a condo owner's master policy, you need not be worried about coverage. However, you need a separate insurance policy for your possessions and the interior of your unit. Meanwhile, homeowner’s insurance protects your home's exterior and other features. It also covers the surroundings and everything inside. 

Dwellings Coverage 
There is also a vast difference between dwellings coverage for a condominium unit and a home. The former depends upon the scope of coverage of the master policy, while the latter depends on the rebuild value of the house. 

In the case of a home dwelling, an insurance policy would cover the amount for a complete makeover of your home from top to bottom. For condo dwellings, the master policy coverage may range from only the common area and the bare minimum of interior structures to the whole interior and any modifications. 

Liability Insurance 
In condominiums, the unit owner's liability will only pay the costs of accidents that transpire within their units. The insurance policy may cover accidents within and outside the home for homeowners. 

Loss Assessment 
Loss assessment is a necessary coverage for residents of an HOA community. In the case of condo owners, loss assessment coverage is an extra rider to condominium insurance. It will cover you for damages incurred in common areas where you are assessed for. 

Personal Property Protection 
Personal property protection for a homeowner works the same way for a condo owner. The policy can protect your personal property against theft and damage. Every homeowner should include this coverage in their insurance policy. Since a condominium master policy will not include it, condo owners should have this coverage in their insurance policy. 

Get Condominium Insurance For Your Peace Of Mind  
Owning a condominium unit is not the same as being a homeowner. The protection offered by each policy is different from the other. Consult your condominium management to determine the right kind of insurance you need. 

At Family Auto Insurance Agency, we do our best to make sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (313) 285-9042 or Click Here to request a free quote.  Topics and coverage discussed in this article are not guaranteed, consult with your agents to determine what your policy does and does not cover. We are more than happy to help!