What’s the Difference Between Condo Insurance and Homeowners Insurance?

As a Pomona, CA resident, it’s best that you have insurance for your home. You might have a challenge choosing between condo insurance and homeowners insurance. This because, on the surface, the two policies seem similar because they both protect the homeowner from risks associated with their home. To know which among the two is best for you, it’s best to look at their differences. No matter what policy you end up settling for, THINK Insurance & Financial Services has your back.

The Structure of the Policy

Condo insurance (HO6 policy) is structured to offer protection to the inside of a home at its basic level. As the homeowner, you can upgrade your condo insurance policy with a condo association’s insurance to protect your building’s exterior and surroundings. There is also the condo association’s master policy which protects fixtures inside like appliances, furniture, and carpets. This policy can also be expanded to offer loss of use and personal liability coverage.

In contrast, homeowners insurance policy (HO3 policy) offers comprehensive coverage for the interior and exterior of the house at its basic level. Thus, you won’t need to upgrade your policy to cover most of the stuff included in the condo association’s policy and the condo association’s master policy.

Can You Take Condo Insurance as a Renter? 

Risk doesn’t choose whether you are a homeowner or just a renter; you need some insurance, but not a condo insurance policy. Your landlord is the one to take this as it will help them repair and renovate the house in case of any disaster. As a renter in Pomona, CA, you should go for a renters/tenants insurance policy. This will cover the loss of your belongings if they are damaged or stolen during a disaster.

Are you looking for condo insurance? At THINK Insurance & Financial Services, we’ll provide you with all the help you need. Contact us today.