Home insurance is a general term that can refer to various types of insurance, such as coverage for a single family home, a condo or renters/tenant insurance. In this post, we’re going to specifically look at the differences between condo insurance and home insurance as it refers to covering a detached house or dwelling.

General coverage

What is covered in condo insurance is the contents of your home (appliances, your personal possessions, the interior walls). Condo insurance does not generally cover the building and the shared spaces, such as outdoor areas. These should be covered by the condo corporation or property management company’s insurance plan. These areas technically do not belong to you and thus usually do not need to be included in your coverage. As such, condo insurance generally costs much less than home insurance for a detached house, as it covers less.

Home insurance on the other hand covers your home’s contents but it also includes coverage for the actual building that is your house (the structure), as well as other buildings (e.g garage) and personal possessions on your property. Home insurance will also usually cover liability for your property, when damage is caused to others.

Exclusions and things to think about

Usually, condo insurance covers loss or damage from theft, fires, vandalism, windstorms, and smoke to name a few. What is generally not included in a typical plan would be coverage from earthquakes, as well as provisions for personal liability coverage and coverage if you are not able to live in your condo due to severe damage (loss of use). These coverages are optional and could be included in your plan. Discuss with your insurance broker or provider what options you have at your disposal.

It is also important to note that some commercial condo policies do not cover all outside areas. For example, as a condo owner, you may be responsible for the path leading up to your unit.

And finally, while most condo insurance plans cover your locker, be sure to mention it to your provider and ensure that that coverage is indeed in place.

It’s very important that you get the full details of what is and is not covered by your condo corporation or homeowner’s association insurance plan, and then ensure that your personal condo policy covers the gaps. 

{This post is intended to provide general information for educational purposes only and is not meant to cover all terms, conditions and exclusions that are found in different insurance policies. If there is any inconsistency between this information and the definitions in your policy, it is your policy that governs. The specifics of any home or condo insurance plan should be discussed with your broker or insurance provider. Different companies offer different types of coverage, so it is important to stay informed and do your research and due diligence.}

If you have any questions about home or condo insurance, our team is here to help! Or if you’d like to get an online quote, head over here.

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