What is the Difference Between Home Insurance and Condo Insurance?

Owning a home or owning a condo both come with their own unique sets of responsibilities and risks, which make for different insurance needs. While homeowners need home insurance, condo insurance is required for condo owners. At MBS Insurance Brokers Ltd., we provide both home insurance and condo insurance in Edmonton. Our Edmonton insurance brokers are here to help you understand the key differences between the two.

Quick Recap: What is Home Insurance?

Home insurance protects your entire property, including the inside of your home, the outside of your home, and detached private structures like garages and sheds. Condo insurance, on the other hand, is designed to protect your individual unit within the condo building structure and any improvements and betterments to the condo unit. The outside of the building, the land around the building, and any of the building's common areas are typically insured by the condo board’s insurance policy.

What Types of Coverage Does Condo Insurance Provide?

A condo insurance policy provided by insurance brokers in Edmonton will typically include:

- Personal property coverage: Protects your personal belongings, including but not limited to clothing, furniture, and electronics. The value of your possessions and any improvements and betterments to the condo is the main determining factor in how much condo insurance you need.

- Personal liability coverage: Protects you against legal liability arising out of your personal actions anywhere in the world or legal liability arising out of your ownership, use or occupancy of your premises.

- Improvements and betterment coverage: Protects the improvements or betterments that you have made inside of your condo, such as new flooring or countertops. Your condo board's insurance will only cover the original construction.

- Loss assessment coverage: Protection for claims against you involving the condo building's common areas. While your condo board insurance policy is intended to protect common areas, certain circumstances may require you to pay a special assessment.

- Additional condo coverage: Additional coverage for any damage to the structure of your unit in case the condo board insurance policy covering the building structure is inadequate.

- Difference in deductibles coverage: Protects you in the event an assessment is made necessary by a deductible in the insurance policy of the Condo Corporation.

Get a Free Quote on Condo Insurance in Edmonton today!

Owning any kind of home is a major investment - an investment that you need to protect with the right type of insurance. You can trust the Edmonton insurance brokers at MBS Insurance Brokers Ltd. to help you figure out whether you need home or condo insurance and to decide on what specific types of coverage are right for you.

To get a free, no-obligation quote on condo insurance in Edmonton, just contact MBS Insurance Brokers Ltd. today.