Although buying a condo is similar to buying a home, there are differences. Your VA condo insurance should be tailored to fit your needs. Here’s the ways that condo insurance differs from homeowners so that you understand the need for a policy that protects your needs.
With a condo, you are generally only responsible for the interior of your place. Your HOA covers the common areas and land, and all of your neighbors contribute to that insurance, which makes sense. A homeowner, on the other hand, is responsible for the entire property. Condo insurance should appropriately reflect the risk to you as a property owner.
The coverage for rebuilding your condo is different from a house. If the interior of your condo is damaged, you would be responsible to rebuild. If the outside walls are damaged, your HOA would have the insurance to rebuild it. In some cases, the HOA also covers certain items within your interior. You do not need a policy that provides duplicate coverage. A homeowners policy needs to cover the interior and exterior of the home.
One of the ways that homeowners and VA condo insurance are similar is in the personal property coverage. The contents of your home or condo need to be fully covered against potential damages. Talk to your insurance agent to make sure you have the right insurance policy that protects you.