Insurance - home owners insurance for condo vs house
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asi
04-28-05, 02:41 PM
What is the difference in the home owners insurance for condo vs a single family house?
slumlordfrank
05-01-05, 04:30 PM
The biggest difference is that you're only insuring what you (and your mortgage company) own. Condominium is a form of ownership where you only own from the sheetrock (drywall) inward. So essentially in a condo you're only insuring the "contents". It's kind of like renter's insurance.
Your "homeowner's" insurance on a single family home includes such things as; damage from falling trees, fire, lightning, airplanes falling on it, hailstorms, liability for anyone who may get injured on your property and anything that may happen to the structure.
On a condo anything happening to the part of the structure which you "own" is probably going to be caused by a "third party" or outside agency. A pipe in a wall breaks, the condo association owns the pipe and the wall, any of the things mentioned above are covered by the condo association's insurance. Of course you're paying that insurance, it's part of your association dues.
Hope this helps.
frank
Your "homeowner's" insurance on a single family home includes such things as; damage from falling trees, fire, lightning, airplanes falling on it, hailstorms, liability for anyone who may get injured on your property and anything that may happen to the structure.
On a condo anything happening to the part of the structure which you "own" is probably going to be caused by a "third party" or outside agency. A pipe in a wall breaks, the condo association owns the pipe and the wall, any of the things mentioned above are covered by the condo association's insurance. Of course you're paying that insurance, it's part of your association dues.
Hope this helps.
frank