As you’re driving to work, you’re struck by the sudden fear that you forgot to lock the door. You remember grabbing your tumbler full of hot coffee, hoisting your messenger bag onto your shoulder and fumbling with the keys on your way out, but you don’t actually remember slipping the key into the lock and hearing the deadbolt click into place. You literally just made your first condo payment. “How can I have already have made this amateur move?” you ask yourself. It was a hectic morning. You were running on autopilot. Of course you locked the door. Everything’s fine, there’s nothing to worry about.
After stressing over the locked/unlocked scenarios in your head all day at work, you pull up to your street with a sinking feeling. What if someone broke into your house, or worse: what if someone is waiting for you in the shadows? You get home and as you go to open the door you find it locked. Yes! Even on autopilot, you knew to lock the door. Thank you, muscle memory.
Now, instead of spending a future day worrying about what-if scenarios again, get homeowners insurance for condo living.
Houses and Condominiums: What’s the Difference?
As found by the Insurance Information Institute (III) the average homeowners insurance
premium was $1,096 in the United States in 2013 (the most currently reported data). In the following year, it was found that 5.3 percent of those insured homes had a claim with property damage included. What’s worse, burglary made up 97.3 percent of those claims. Now one of the crucial differences between insuring a condominium (condo) or a house is what is being insured.
With ownership of a house, you’re responsible for the house and property in its entirety. Because you own the house outright, you’re accountable for any property or bodily damages that occur at the home or on the property.
Condo owners on the other hand are only responsible for insuring the interior of the residence. This includes furniture, clothing, electronics, and electrical appliances. The exterior and common areas of the condominium complex are protected under the Homeowners Association (HOA), an entity that as a condo owner you will pay a monthly expense towards (along with the other condo owners) to cover any accidents or mishaps on the property.
How Does a Homeowners Insurance Package Protect Your Condo?
There are three different coverage plans to consider when getting homeowners insurance for your condo. These include:
At CoverHound, we work you to provide you with the coverage plan that’ll meet all of your needs. Start shopping for your homeowners insurance for condo quotes today.