Living in, and owning, a condo much not seem much different than living in a stand alone home. But to the insurance company, there are several differences in coverage.

Even though you own your condo, do you know how much you are responsible to insure? Does the mortgage company have a say when it comes to the dwelling limit on your policy you are required to insure? What are you, as the owner, liable for?

The type and amount of coverage you will need can vary greatly depending on your specific condo association policy language.

Unlike a HomeOwners policy, in which you are responsible to insure the entire structure from damage. A condo policy may only insure the property from the drywall-in, and so on.

Having a lower dwelling limit to insure on a condo policy can mean the premium is generally lower than a standard home owner policy. However, not being properly insured can end up costing you greatly in the event of a claim. Being aware of the exact requirements and contract language the condo association states in your agreement with them is the most important part of ensuring you are able to get the correct amount of insurance protection you will need.

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