Condo insurance, homeowners insurance and renters insurance are three types of coverages that you can purchase to protect your property. But how do you know which one you need?
Renters insurance is for those who do not own a home, but are renting. This insurance will cover your personal belongings in case they become damaged or stolen due to a covered event. You don't need insurance to cover damage to the carpet, inside walls or cabinets, as the building structure is the landlord’s responsibility. You only need to cover your personal property.
If you live in a house that is not connected to another home, then you need homeowners insurance. You will need coverage for the outside and the inside of your home, including your personal belongings. Homeowners insurance can also cover other structures on the land such as garages and sheds.
If you live in a townhouse or condo, then you need condo insurance. Typically, the building structure and common areas are covered by a homeowners association, making condo insurance similar to renters insurance. However, condo insurance will also cover carpet, cabinets and other fixtures that are considered your property since you own the condo. When purchasing condo insurance, have your homeowners association policy handy so an insurance agent can help you select the best coverage for your needs.
No matter what kind of structure you call home, the key is to be sure you have adequate coverage, whether you rent or own. Call us for a Beaumont condo, home or renters insurance quote at 409-899-9531.