Home and condo insurance are both designed to protect homeowners from financial loss in the event of an unfortunate incident. However, there are key differences between the two types of coverage that homeowners should be aware of.
Home vs. Condo Insurance
Home insurance provides comprehensive coverage for both the interior and exterior of the property. This includes items inside the home, as well as exterior features such as the roof, yard, porch, and patio. Additionally, home insurance offers enough compensation to rebuild the entire home if it is completely destroyed. Liability coverage under home insurance extends to accidents and damage that occur anywhere on your property.
Condo insurance, on the other hand, focuses on the interior of the unit. It covers appliances, personal belongings, walls, and floors. Liability coverage under condo insurance applies to accidents that occur inside the unit but does not extend to incidents outside the front door. However, the exterior and common areas are typically covered under a master policy provided by the condo association.
How to Make Sure You Have the Right Insurance Coverage
Homeowners and condo owners in Kansas City, MO, should carefully evaluate their insurance needs based on the value of their property and personal belongings. It’s important to read your policy thoroughly, paying close attention to exclusions and coverage limits. In some cases, a standard home or condo insurance policy may be sufficient. In other cases, additional coverage such as umbrella insurance or insurance for rare or collectible items may be necessary.
Call Rich Insurance Agency LLC for More Information
Rich Insurance Agency LLC has the experience and a variety of policy options to help Kansas City, MO, homeowners find the best coverage at the best price. Contact us today to learn more or to request policy quotes.
