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Muskegon, MI 49441

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Janis-Shunta Insurance Blog

Is Condo Insurance the Same as Homeowners Insurance?

Condos remain a popular housing choice in Muskegon, MI for many reasons. For example, they allow homeownership and customization while still having convenient surrounding property and common areas cared for by another entity. Like all home investments, it’s important to protect your condo by getting a good insurance policy. But here’s where many people get confused because condo insurance policies are actually separate types of policies than homeowners insurance. Our team at Janis-Shunta Insurance examines the difference. 

What is Condo Insurance (and Condo Association Insurance)?

Condo insurance covers your individual unit. While personal property and dwelling coverage are often aspects, it’s worth noting that one of the most important aspects of condo insurance is often liability coverage. This prevents you from having to pay all costs out of pocket for incidents that happen on your property. 

Now, condo association insurance is often a separate form of coverage that is built into your condo/community fees. This coverage will generally take care of any damages to the exteriors or anything considered community space. If you are not aware of this form of insurance is in place within the condo community, it’s important to ask.  

Why Condo Insurance is Not the Same as a Homeowners Policy

A homeowners policy is generally more extensive than condo insurance. Homeowner’s policies usually cover the property as a whole, both inside and outside. This is the kind of insurance needed for homes that are not attached to any other homes. As a condo owner, however, you’ll need to primarily worry about only your individual unit and everything inside it. Since you most likely share walls with neighbors, that’s where condo association insurance comes in as over-arching community coverage. 

Don’t Wait to Find Coverage

You’ll be expected to carry condo insurance coverage in just about any Muskegon, MI condo dwelling community. If you don’t have it and an incident takes place on your property, you could wind up facing hefty out-of-pocket costs or even find yourself facing fines from the condo association. Contact the experts at Janis-Shunta Insurance to learn about your condo insurance options today!