Whether you’re a first-time homebuyer looking to purchase a modesto condo or a long-time homeowner looking to upgrade to a single-family home, understanding the varied insurance needs between the two is an important step in the home buying process.
When it comes to condos, the majority of your insurance needs are covered by your condo association’s master insurance policy. This policy usually covers the exterior of the building, common areas, and any shared amenities. As a condo owner, you are responsible for insuring the interior of your unit, including any improvements you make, personal property, and liability. It’s important to understand what your condo association’s master policy covers and what it doesn’t.
Single-family homes, on the other hand, require a more comprehensive insurance policy. Your policy should cover the structure of your home, personal property, liability, and living expenses if you are unable to occupy your home due to a covered loss. It’s also important to make sure your policy covers natural disasters like earthquakes and floods.
When shopping for insurance, make sure you’re comparing apples to apples. Be sure to ask questions about coverage, deductibles, and discounts so you can make an informed decision.
No matter what type of home you’re buying, understanding your insurance needs is an important step in the home buying process. By understanding the difference between modesto condo and single-family home insurance needs, you can make sure you’re properly protecting your home and your belongings.Modesto Condos vs. Single-Family Homes: Understanding the Varied Insurance Needs