Many Scotia residents transition from renting or living in single-family homes to condo living without fully realizing how their insurance needs change. Home insurance and condo insurance are not interchangeable. They are structured differently because they reflect completely different types of property ownership. Confusing the two can leave condo owners without the protection they need.
What Each Policy Covers
A standard home insurance policy covers the entire structure, including the roof, foundation, exterior walls, and everything in between. Homeowners own the whole property, so the policy reflects full responsibility for the building.
Condo insurance, such as the coverage offered by Rowledge & Falvo Insurance Agency, serving Scotia, NY, works on a different model. The condo association’s master policy typically covers the building’s exterior and shared areas. The condo owner’s individual policy fills in the gaps, covering what the master policy does not.
The “Walls-In” Approach
Most condo owners in Scotia carry what is known as walls-in coverage. This applies to everything from the drywall inward, including flooring, fixtures, cabinets, and personal belongings. For example, if a pipe bursts in a neighboring unit and water damages your interior, your condo insurance would cover that type of loss.
Important Liability Differences
Home insurance liability coverage is broader because homeowners are responsible for the entire property, including the yard and any structures. Condo liability coverage is narrower and applies mainly to incidents that occur inside the unit. Common areas fall under the association’s responsibility.
Loss Assessment Coverage: A Condo-Specific Need
Unlike homeowners, condo owners may need loss assessment coverage. If a major claim exceeds the condo association’s master policy limits, each unit owner may be required to pay part of the remaining amount. This can happen in many Schenectady County communities, and a well-structured condo policy helps protect you from unexpected costs.
If you have questions or want to review your condo insurance options, contact Rowledge & Falvo Insurance Agency, serving Scotia, NY. We are here to help you get the coverage you need.
