What is the Difference Between Home, Condo, and Renters Insurance?

Dwelling insurance can be very confusing. Especially if you have not asked any questions on coverages. You always want to ask questions from your agent and be educated on what you are covered for. There are many different types of home insurance policies that you can be insured for. You need to make sure it is the right one.


So, there are options for Homeowners insurance, the most popular one is HO-3. This is a all-peril covered policy. This means you will be getting the broadest form of coverage. The only coverages that may not be included would be Earthquake and Flood. Those are usually excluded. This coverage covers the owned structure if it were to be destroyed which is under the Dwelling limit. You also have coverage for your personal property and personal liability. There are extra coverages that you want to be sure you are covered for like Water-Back up and Personal Property Replacement cost.


This kind of insurance is going to be like the homeowner’s insurance. This will have Dwelling coverage, Personal Property, and Personal Liability. The policy we use for this insurance is the HO-6. The main difference is in the dwelling coverage. Say if the condo building were to burn down. You would not be responsible for replacing the building but only the specific condo you reside/own.


This Is the least covered policy but very necessary. This policy is the HO-4. This policy does not have a dwelling coverage because you do not own the structure you reside in, but that does not mean you do not need insurance. This policy covers your personal property and personal liability. The water- back up coverage is also very necessary even with a renters insurance policy. The Landlord may own the structure of the apartment/home, but you can still be held responsible. I would read your lease agreement to understand everything that you will be responsible for.

The most important part of this blog was to educate you on the coverages you should have depending on where you live. Spivey agents always make sure that our customers are confident in their coverages and knowledgeable. Give us a call today to find out for yourself! You can also follow us on Social media to keep up with the latest in our office Facebook, Instagram, LinkedIn, Twitter, YouTube, and Pinterest.

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