01/02/2018 by How Condo Insurance Differs from Home Insurance in Halifax 0 Comments
How Condo Insurance Differs from Home Insurance in Halifax
While both home insurance and condo insurance provide protection from potential damage to your property, condo and home insurance in Halifax differ on some key points. As with home insurance policies, your Eisenhauer Insurance representative can help you sort through the different types of condo insurance to find the policies and coverage that suit your situation and budget.
Condo vs. Home Insurance – What’s the Difference?
While there are similarities between buying a home and buying a condo, the types of things your insurance will cover will differ greatly depending on the dwelling and whether you are buying, renting, or co-owning the property. Some key factors that differentiate condo and house insurance in Nova Scotia include:
- Buying a home means you are responsible not only for the interior of your house, your belongings, and the building, but the exterior which can include structures like fences, sheds, or carports, as well as the land itself.
- Condo insurance usually covers the interior of the dwelling and leaves exterior walls, hallways, elevators, and other exterior property to the homeowners association (HOA) insurance or some type of landlord insurance.
- If a visitor is injured on your property, if you accidently injure someone away from your property, or if you damage someone else’s property, liability coverage helps protect you from financial loss. For homeowners, this liability coverage extends to their exterior property and land, which may include swimming pools, trampolines, playground equipment, fences, sheds, and other structures.
- Condo insurance usually doesn’t cover common areas, such as pools or lobby entrances. These areas are typically protected with liability coverage from the HOA insurance.
- Personal Property
- Insuring your personal belongings is the main responsibility of condo owners because the HOA insurance does not cover it. This can include anything from furniture and electronics to jewelry and clothing. Assessing how much your personal belongings are worth will help determine how much condo insurance you will require.
- Homeowners will need to insure their personal belongings as well; however, the value of belongings is not usually the primary factor in determining the cost of the overall insurance. Regardless, if you own a home or a condo, it’s smart to take an inventory of your personal belongings so you know how much personal property coverage you will need.
Why an Insurance Broker Can Help with Condo or Home Insurance
If you’re new to finding a condo or home insurance, it may be intimidating sifting through all the specific coverages and quotes. What policy fits you best? What can you afford right now? Do you plan on buying a home or a condo, and how will you need to draft your policy to reflect the difference?
At Eisenhauer Insurance we understand that your insurance needs are unique. That’s why we provide each client with an insurance broker Halifax has come to trust to find the best insurance quotes in Nova Scotia. Your personal insurance broker will compile quotes from several different companies for you and help you choose the policy that best fits you.