When you purchase a new home, the first thing you want to do to protect yourself with home insurance. However, what kind of insurance do you get? If you purchased a house versus a condo, you need different types of coverage.

If you purchased a condo, you may have a lot less responsibility than if you purchased a house. Buying your own house means you’re responsible for both the homes interior and exterior, including whatever land it sits on. Purchasing a condo, on the other hand, means that you are solely responsible for the inside of your home. The condo homeowners association (HOA) is responsible for everything “studs out,” including your building’s siding, landscaping, parking lot, and roof. Because of these key differences, it makes sense that the amount of coverage and type of insurance you buy will be different for both situations. Learn about the different aspects of each, to see which insurance is best for you.

What is Dwelling Coverage?

person completing a property coverage insurance policy on computer

This is one of the most important differences in coverage you will see between condos and houses. As a condo owner, your dwelling is considered anything “studs in,” or inside your place. You’ll need to have enough coverage to rebuild everything inside your condo, should you have fire damage or water damage. Your HOA’s insurance will cover any rebuilding or repair of things from the studs out. This usually includes any burst pipes in the walls, felled trees, or damaged roofs. If you own a house, however, you will need enough insurance that covers the rebuilding everything on your entire property. This not only includes your house itself, but also any outdoor structures like your shed, fence, garage, driveway, and yard.

What is Liability Insurance Coverage?

Liability insurance covers damages that may happen should anyone on your property get injured. As a condo owner, you will need to be covered if there are any injuries inside your unit. You do not need to be covered in shared or common areas. Again, that will be the responsibility of the HOA. If you own a house, you will need complete coverage. This is because you are solely responsible for injuries that occur anywhere on your property–not just inside your house.

What is Personal Property Coverage?

Personal property coverage insures compensation for any items that are stolen, or damaged in a fire or in certain flooding situations. Personal property coverage is essentially the same no matter what type of home you purchased, and should cover the full cost of everything you own. To make this easier if you ever have damage to your property, it’s important to have a home inventory list ready for your insurance agent for faster processing and replacement of those items.

Does Your Condo or Home Need Restoration After Flooding?

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Contact Alpha-Omega Disaster Restoration. At Alpha Omega, we have a trained, certified, and licensed emergency response team available 24/7 to assess your situation, make a plan, and work directly with your insurance company, to help get your life back to normal. We want to restore your rental property as quickly and safely as possible, to get you and your family back into your home.

Alpha-Omega Pros is a fully certified professional restoration company serving Billings, MT and the surrounding areas.