When it comes to insuring your home in Lacey, WA, understanding the difference between condo insurance and homeowners insurance is paramount. This is especially true if you own a condominium unit. The Johnson Insurance Agency recognizes the importance of knowing what your policy covers in order to protect your investment. In this article, we’ll dissect the main differences between these two types of insurance.
What is Homeowners Insurance?
Homeowners insurance is a type of property insurance that covers damages to the home, its contents, and any personal possessions inside it. Furthermore, it provides liability coverage against accidents that may happen at the home or by the homeowner within the policy territory.
What is Condo Insurance?
Condo insurance, on the other hand, is designed specifically for condominium owners. The policy provides coverage for the interior of the condominium unit and personal property within. Additionally, it provides liability protection for the owner.
The Main Differences
- Extent of Coverage: Homeowners insurance generally covers the entire property; including the house, garage, and other related structures. Condo insurance only covers the interior space of the condo unit.
- Hazard Coverage: While both policies provide protection from common risks such as fire, windstorms, or theft, condo insurance may not cover some hazards that a homeowner’s policy does. It’s important to check with your Johnson Insurance Agency agent for specifics.
- Association Fees: Condo owners in Lacey, WA often pay homeowners association (HOA) fees, which can sometimes cover parts of insurance. This can mean less personal insurance is needed, unlike a standalone home.
In summary, condominium owners need to consider a different variety of factors compared to homeowners. Understanding these differences can assure you are adequately covered. The team at Johnson Insurance Agency in Lacey, WA is always ready to guide you through the intricacies of condo insurance and homeowners insurance to determine the best coverage for you.
