Condo Insurance or Homeowners Insurance? A First Time Homebuyer's Experience


After spending my entire life living in rented apartments, 2017 was the year that I became a homeowner! Back in the spring, I went to an open house for a two-bedroom, two-bathroom condominium that was move-in ready. I made an offer two days later. With all the excitement that surrounds buying a new home, there were some things I overlooked - like insurance. Oh yeah, I need that, don’t I? When you rent an apartment, you could have renters insurance, but it’s not required. I never had renters insurance, but now that I’m buying a home, this is necessary. I've seen so many commercials on TV - with the little green guy, with Flo, and with the guy who played Jay Jonah Jameson in the Spiderman movies - but how do I know which insurance to go with?? Where do I even start?

Wait - Homeowners Insurance for a Condo?

And then I remembered our friends at Antalek & Moore! Through them, I learned that I don’t need homeowners insurance, I need condo insurance - there is a difference. Like homeowners policies, condo policies typically provide structural coverage for a condo’s structure, personal property, and liability. The structural coverage they offer, however, is usually different from that provided by homeowners policies, because condo owners don’t own freestanding houses.

Condo Insurance Varies and is Good for Non-FreeStanding Structures

The protections that condo insurance policies provide for condos’ structures vary. Some policies don’t include much protection for a condo’s structure, while other policies afford a lot of coverage for cabinets, appliances, plumbing, wiring, flooring, and similar items. Whatever isn’t covered by a condo association’s master policy ought to be insured with a condo policy. Thus, a condo owner normally needs to purchase much less coverage if their condo association has an all-in master policy than if the association maintains a bare walls-in master policy.

The Insurance Bundling Effect

I connected with Terry Williams from Antalek & Moore and suggested that I bundle condo insurance with our current auto policy (I was purchasing the condo with my boyfriend). Not only was Terry easily available by phone and email to answer any questions we had, she was involved in the closing process. She was able to negotiate an even better annual rate than what was originally quoted to us. She was even okay with me dropping into their office for a quick “Hello!” just so I could meet the face behind the emails and phone calls. After we closed, she was still involved with making sure we were getting the best coverage possible, while dropping other coverage we were paying for that we didn't need. 

Choosing to go with Antalek & Moore when buying my first home was a great decision and I’m happy to have someone like Terry working with me and looking out for our best interests.

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