The Key Differences Between Home and Condo Insurance in Brighton

When people decide to purchase a home, such as a condominium in the Brighton area, insurance on the condo is going to be a necessity, especially if the condominium purchase has been financed. However, while many people feel that condo insurance and home insurance are interchangeable, the reality is that Condo Insurance in Brighton is significantly different from home insurance. In many cases, condo insurance is actually cheaper.

For example, insurance for a home needs to provide enough money to rebuild the entire home should it be destroyed by a weather-related event or fire. With condominium insurance, dwelling insurance only needs to be enough to cover the rebuilding of the interior of the structure. Common areas such as hallways, staircases, elevators or the exterior of the building will be covered by homeowners association insurance. This means that the amount of insurance that would be required for a condo is much less than home insurance, and, therefore, it will cost less.

Another potential cost savings for Condo Insurance in Brighton is liability insurance. For injuries that may take place inside of the condo, liability insurance will need to be high enough to cover these potential injuries. However, common areas such as hallways, courtyards, staircases and elevators will be covered by the homeowners association insurance, or the condominium owner may have liability insurance for the common areas to cover these sorts of incidents. Once again, lower levels of liability insurance mean lower insurance costs overall.

Perhaps an area where condominium insurance and home insurance is relatively the same is covering personal items and personal property. However, whether it’s condo insurance or home insurance, it’s important that the owners take careful inventory to their possessions in order to ensure they have the right amount of coverage to replace any items that could be lost, stolen or damaged.

If you’re thinking about purchasing a condominium, there are differences in insurance coverage. If you need to know more about this type of coverage, it’s advisable to speak with the insurance experts at the Sawyer Insurance Agency Inc. You can contact them over the phone to discuss your insurance needs, or you can simply click here for more information.

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    Author: Greene Connor

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