Condominium vs. Apartment Insurance: Key Differences You Should Know

At St. Clair Insurance Brokers Inc., we want to help all of our customers get the protection they deserve, and that starts with identifying the type of policy they need. Two frequently confused types of coverage are condominium and apartment insurance, so in this article we will be going over the differences between them and why those differences matter.

Condominium vs. Apartment

While both types of residence consist of individual dwellings that are part of a larger structure, they differ in terms of ownership. If you have an apartment, you rent from a landlord; if you have a condo, you own your residence in the same way you would own a freestanding house.

Differences in Insurance

Now that we’ve outlined the main differences between condos and apartments, we can do the same with their respective insurance policies. To put it simply, apartment insurance is a type of renters insurance–it covers the loss of your personal belongings that are kept on premises, and provides liability coverage to protect you if someone is injured under your roof.

Condominium insurance, on the other hand, is more like standard homeowner’s insurance. Including the items covered by apartment insurance, condominium insurance also covers damages to your unit’s building structure. Lastly, while the law does not always require you to carry apartment insurance, condominium insurance is usually mandatory–and even if you aren’t required to carry a policy, it’s always better to be prepared.