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Whether you need condo insurance or homeowners insurance depends on the type of home you live in.
Generally, if you're in a single-family residence, you need homeowners insurance.
If you're in a condo, cooperative unit, or a certain type of townhouse, you need condo insurance.
Your lender or real estate agent can tell you which policy you're required to purchase.
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Condo insurance and homeowners insurance protect many of the same things, including your belongings, liability, and temporary living expenses after a covered claim.
But the biggest difference is what part of the building you're responsible for insuring.
Home insurancegenerally covers the entire structure of your property (from the roof down to the foundation).
Condo insurancegenerally covers the inside of your unit only, and the condo association insures the building itself through a master policy.
For example, let's say a fire damages a single-family home.
Your home insurance policy may help pay to rebuild the roof, exterior walls, kitchen, and other parts of the structure, as well as replace damaged belongings inside.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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