If you have a condominium in Beacon, NY, you'll need personal insurance for it. Even though it is your home, homeowners insurance is insufficient. Therefore, you may think that you need a renters insurance policy -- but unfortunately that would leave coverage gaps as well, despite some similiarities. Instead of purchasing a renters policy, you need to obtain condo insurance for best coverage. Here’s a look at the similarities and differences between the two kinds of insurance.
Condo Owners in Beacon, NY Usually Need Condo Insurance -- Not Renters Insurance
Condo and Renters Insurance Both Include Personal Property Coverage
Personal property coverage is designed to provide insurance coverage for a policyholder’s personal possessions. Specific coverages vary, but a policy’s personal property coverage usually protects things like clothing, furniture, electronics, and other personal belongings.
Because everyone has personal belongings, condo and renters insurance policies both usually provide personal property coverage. The amount of coverage that a policy provides can vary a lot, even from one condo policy to another. Most condo and renters policies include at least some personal property coverage, though.
Condo and Renters Policies Both Include Liability Coverage
Condo and renters policies also typically include liability coverage. Liability coverage insures policyholders against covered accidents that they’re held responsible, or liable, for. Depending on a policy’s terms and conditions, a liability coverage might include everything from a fire that a condo owner or renter started in a building, to a libel lawsuit against the policyholder.
Since both condo owners and renters can cause accidents (or even be sued if they aren’t responsible for an incident), both condo and renters policies usually include liability coverage. As with personal property coverage, the amount of liability coverage that policies provide varies.
Only Condo Insurance Provides Dwelling Coverage
Dwelling coverage is included in most condo insurance policies, but renters policies usually don’t include this coverage. Condominium owners need the protection because, as owners, they’re responsible for their condominium. Renters don’t need this coverage, since their landlords own, and therefore are responsible for maintaining, their rental unit.
In a condo policy, dwelling coverage usually protects a condominium’s “improvements and betterments.” Precisely what is covered depends on a policy’s definitions and the condominium by-laws and offering plan, but improvements and betterments usually includes items that improve the unit owner’s condo and aren’t covered by the condo association’s master insurance policy. Most condo associations in Beacon, NY are responsible for maintaining and insuring a condo’s structure, but this may include no more than the walls, plumbing, and electrical in a condo. Sinks, countertops, bathroom fixtures, and lights might all be considered improvements and betterments.
Both Condo and Renters Insurance Might Provide Additional Coverages
There are two other coverages that some condo and some renters policies include as either standard or optional coverages. Medical payments coverage may cover the medical expenses associated with an injury that a guest sustains while in a condo or apartment. Loss of use coverage can help cover additional living expenses if a condo or apartment is uninhabitable due to a covered incident. Both of these are found in both types of policies, but these coverages aren’t found in all policies.
Find the Right Type of Insurance for your Beacon, NY Condo
For help finding the right type of insurance policy for your condo in Beacon, NY, contact an independent insurance agent. Most agents who provide personal insurance policies help both condo owners and renters. They’ll be able to answer any questions you have about the two different types of insurance and our agents can get you set up with a condo insurance policy that is good for you.