The Difference Between Condo Insurance and Renter’s Insurance

Condo owners in the Dallas, TX area may be curious about what insurance they need to protect their new home. There are subtle differences between a condo insurance policy and a renter’s insurance policy that may need further explanation. The agents at Parker Preferred Insurance can answer many of those questions and will be able to write a policy that meets your specific needs.

Condo Insurance vs Renter’s Insurance

The main difference between condo insurance and renter’s insurance is what it covers in terms of the building itself. Because you actually own your residence, your policy will cover many of the same types of damage that would be covered under a homeowner’s policy as long as it is within your living space. Renter’s insurance only covers damages to your personal property. 

Protect Your Investment

A condo is a real estate purchase. Unlike a rental or lease agreement, you own your home. It is an investment that will grow in equity just like a traditional piece of real estate. When you start to research on condo insurance, you need to take into account that you will be responsible for any repairs or damages that may occur to your home, even if they are not your responsibility. While the exterior of the building is owned by someone else, anything that is within your living area is yours to protect and insure.

At Parker Preferred Insurance, the agents are always ready to answer any questions Dallas, TX residents may have concerning various types of insurance. If you have just purchased a condo in the area and are in need of an insurance policy to protect your investment, call and schedule an appointment today!