If you own a condo in Marlborough, Massachusetts, you need insurance, just as people who own single-family homes in the area do. As an owner, however, your condo insurance needs aren’t the same as those of someone who has a house. You’ll probably want to purchase a condominimum insurance policy instead of a homeowners policy. Here’s a look at the typical differences between the two kinds of insurances. (Exact coverages vary among both condo and homeowners policies, and there may be a few exceptions to these common differences.)
Make Sure You Know the Difference Between Homeowners and Condo Insurance If You Have a Condo in Marlborough
Condo and Homeowners Policies Provide Different Dwelling Coverage
Dwelling coverage provides protection for the policyholder’s primary dwelling, which is your condominium if you own a condo in Marlborough. This is a standard coverage that’s included in almost all condo and homeowners insurance policies.
Precisely what is covered under each type of insurance’s dwelling coverage differs, though. Homeowners insurance typically provides coverage for the structure, including both the interior and exterior, of the policyholder’s house. Condo insurance, in contrast, usually only typically covers the interior of a condo.
Most condo policies don’t include the exterior wall of a condo in their coverage, because it’s not the condo owner’s responsibility to maintain the outside of the wall. Repairing it or removing signs of vandalism is, in most cases, the condominium group’s responsibility and not the condo owner’s.
Condo Insurance Usually Doesn’t Include Other Structures Coverage
Other structures coverage extends a policy’s coverage to other structures that may be on a policyholder’s property. This coverage may provide protection for fences, detached garages, mailboxes, sheds, or similar structures.
Other structures coverage is included in many homeonwers insurance policies, but it’s not often found in condo policies. Homeowners need the protection, because they're responsible for maintaining any additional structures that are on their property. Condo owners aren’t usually required to maintain their building’s hallways, elevators, entryways or steps. These, like the exterior wall of a condo, are maintained by the condominium group so condo owners don’t typically need this type of coverage.
Condo and Homeowners Policies Include Personal Property and Liability Coverage
Personal property coverage and liability coverage are two coverages that both condo owners and homeowners need, so they’re generally included in both condo and homeowners insurance policies.
Personal property coverage helps to insure a policyholder’s belongings, such as their television, clothes and furniture (depending on the terms of a policy).
Liability coverage is designed to provide protection should a policyholder be found responsible for a covered accident. A policy might cover a fire caused caused by the policyholder, or injuries sustained by a guest who slipped in the insured condo or home’s bathroom.
Many Marlborough, MA Insurance Agents Offer Both Insurance Types
For more help understanding the differences between condo and homeonwers insurance, contact one of Marlborough’s independent insurance agents. Agents who help clients find condominium insurance often also help people find homeowners policies, and agents who specialize in homeowners insurance are usually also knowledgeable about condo policies. Any independent agent who helps individuals in the area with their insurance needs should be able to help you better understand condo policies so you can pick one that’s right for you.