Differences between home insurance and condo insurance

You may think of a home and a condo as the same thing, but in terms of insurance, they are quite different. One way they are the same is that both require that you have the right insurance to make sure that you are protected. In Scotia, NY at the Rowledge & Falvo Insurance Agency, we are independent insurance agents, and we know that we work for you, our customers. 

Master policy

The major difference between a freestanding home and a condo in terms of insurance is that, with a condo, the condo association has a master policy. This master policy covers the exterior of the building and the common areas. What this means to you as a condo owner is that if the roof fails, you are not responsible for replacing it. If someone is injured in the parking lot or at the pool, your liability insurance does not have to cover it. These are the responsibility of the condo association. 

How far the master policy covers the exterior of your condo is where this gets a little confusing. It can be all the way in or just the exterior walls. It is important that you know what coverage you need to add on your own, so read your covenant and make sure your insurance agent knows what it says as well. 

When it comes to content insurance, the type of master policy also plays a role. It will determine if you or the condo association are responsible for things like the fixtures and the kitchen cabinets. 

Loss of use coverage is the same whether it is a house or a condo. 

Consult With Us

Contact Rowledge & Falvo Insurance Agency in Scotia, NY on the telephone, with an email, or in person to make an appointment to sit down with one of our experienced agents.