What you should know about a condo and a home insurance policy.
There are several types of structures that people call home. Houses have always been popular, but condos are attracting the attention of more people in recent years. Both can provide a comfortable home for any sized family, but the two have different characteristics and require different insurance coverage.
A standard homeowners insurance policy provides coverage for house structure, yard, related structures, personal property, and liability. This coverage is somewhat easier to understand because there are no shared walls or adjoining properties.
A condo owner’s insurance policy features some of the same coverages. It provides coverage for personal property and liability, but the coverage for the actual building is where these two policies differ the most. Condos will often have an association that coordinates certain details relating to the condo, such as the management of the condo, including the purchase of insurance on behalf of the unit owners. The insurance policy will cover common grounds that are shared by owners. In most cases, the association will also be responsible for the exterior of the building.
It’s important to know what your condo association insurers so that you know where to fill in the rest. Typically, the unit owner will be responsible for insuring the walls and partitions within their own unit, including paint and wall coverings, trim, flooring, and all fixtures contained within the unit, as well as their personal property.
To determine your own insurance needs, contact the team at Bell Black Insurance. We’re highly experienced in homeowners and condo insurance, and we’re happy to discuss your insurance needs. We serve all insurance needs for those in Idaho Falls, Island Park, Driggs, Victor, Swan Valley, Ashton, and the neighboring communities in Idaho, as well as Jackson and Star Valley in Wyoming.