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NorthGroup Insurance Services, Inc

13903 S Old Statesville Rd
Huntersville, NC 28078

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3824 Barrett Dr, Ste 101
Raleigh, NC 27609

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Differences between condo and homeowners insurance

If you’ve never lived in a Raleigh, NC condo before, you may be surprised to find that there are differences between homeowner’s insurance and condo insurance. The structure by which a condo is purchased, owned and managed is different, and so is the insurance, as you will find out if you give Young Insurance Associates Inc a call.

Here’s the simplest way to explain how it breaks down in most cases: Everything inside the condo is your responsibility, everything outside the condo is the management’s, and those insurance costs will typically be covered by the fees you’re paying to the condo association. So when you go out to buy your own coverage, you’re making sure that if someone breaks in, you’ll be covered if you want to replace your stolen TV and sofa. The broken window is going to be covered by the management. Everything inside the condo that was damaged or stolen will be covered by your provider.

We could go a little further into it than that, but that’s the basic difference. Many people who live in condos skip buying their own insurance, either because they don’t know that the association will not cover their possessions, or because they don’t really care, or have another insurance plan in place to cover their most expensive belongings. Whatever the case may be, just know that your condo association does not cover you in the same way that a homeowner’s policy does. If you want to be one hundred percent covered, you need to give Young Insurance Associates Inc a call and get your Raleigh, NC condo protected with a policy of your own.