A man types on his laptop with his dog beside him as he wonders whether he should buy a condo, home, or tenant insurance policy for his condominium

If you’re moving into a condominium and want to protect your space and belongings, it may seem obvious to purchase a condo insurance policy — after all, the word “condo” is in its name. However, there are some scenarios where you may need to purchase a home or tenant insurance policy for your condo instead. Here’s how to quickly determine which type of insurance policy to buy when you’re moving into a condo.

When to buy a condo insurance policy

Conventional condominiums are usually apartment-style units in high-rise or low-rise buildings, where you have control over your unit within its walls, but everything else is considered common property. Townhouses and duplexes can also be considered conventional condos if the owners don’t own any of the land outside the unit.

If your space matches the description above, you own it, and you live in it, then you should purchase a condo insurance policy. Like home or tenant insurance policies, your condo insurance policy will protect you, your belongings, and any improvements you make to your unit. Your condo insurance policy should also cover liability claims, additional living expenses, and identity theft. For coverage to the building and items in common areas, your condo corporation will have a separate insurance policy.

When to buy a home insurance policy

Unlike conventional condominiums, bare land condominiums (including townhouses and duplexes) come with land. This means that part of the building and at least part of the landscaping are within a unit’s boundaries and aren’t considered common property.

If your space matches this description, you own it, and you live in it, then you should opt for a home insurance policy, as many insurers’ opens a pop-up with definition of insurers’ home insurance policies include coverage for bare land condos. Most home insurance policies will provide basic coverage for your condo, your personal belongings, and any detached structures on your property.

Your home insurance policy should also provide coverage — with limits — for additional living expenses, third-party liability, no-fault medical benefits, and no-fault property damage. You can also customize your coverage and add endorsements to your policy to make sure you have the protection you need for your space.

Discover how your home insurance premium is calculated and how you could save on insurance:

When to buy a tenant insurance policy

If you rent any type of condo (whether it be a conventional or bare land condo) from another person or company, you should purchase a tenant insurance policy.

While your landlord likely has their own insurance policy to cover the walls around you and any major appliances that came with your unit, a tenant insurance policy will protect you and your belongings. Like condo and home insurance policies, tenant insurance policies also provide coverage for liability, additional living expenses, replacement costs, and identity theft.

Learn more about tenant insurance:

Are you moving into a condominium and shopping for insurance? Here’s how to quickly determine what kind of insurance policy is right for you and your space.

When you’re shopping for insurance, connect with your group’s licensed broker. Your group’s broker will not only know which type of policy is right for you, but they’ll also compare coverage and prices from several insurance companies to make sure you get the right coverage to suit your needs.

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