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Understanding the Difference between Home and Condo Insurance

Home and condo insurance play crucial roles in safeguarding your living space. Despite some similar aspects, they have distinct differences. At Grove Financial & Associates Inc. in Mechanicsburg, PA, we provide both home and condo insurance and are equipped to address any queries you have regarding the types of coverage they offer.

Property VS Condominium Ownership

Condominium ownership often serves as an affordable entryway into the housing market. Condominiums can be an attractive option for those devoid of time or inclination to immerse themselves in lawn upkeep and exterior home maintenance. Property coverage is the significant difference between owning a condo and a home. The condo association’s master policy covers the maintenance of the exterior, taking care of aspects like roofing, siding, porch, windows, and parking lots. By perusing your agreement, you can ascertain the extent of your responsibility inside the condo.

Divergence in Liability Coverage

Depending on the location of the injury, the liability coverage also varies. You would be held accountable for injuries inside your unit or for family members away from the property. However, injuries sustained outside the property fall under the purview of the master policy. Individual content coverage for a condo mimics that offered for a home and protects your personal property within the unit, ensuring loss coverage even when you are away from your condo.

Understanding ‘Loss of Use’ Insurance

Loss of use insurance operates similarly for condos and stand-alone homes. If a covered hazard damages your unit, rendering it inhospitable, your condo insurance will provide coverage for temporary accommodation until your condo becomes habitable again, adhering to your policy’s limits.

If you reside in or around Mechanicsburg, PA, and require condo insurance, please contact our team at Grove Financial & Associates Inc.