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What’s the difference between tenant insurance and condo insurance?

No matter where you live, it’s essential to have some type of home insurance to protect yourself in the event of a loss. While most people understand they need insurance, they’re often not sure which type would offer them the best protection. Insurance brokers in Edmonton are often asked, what’s the difference between house insurance, condo insurance and tenant insurance and which one do I need? Keep reading to find out the answer to that question and more.

House insurance

House insurance policies in Edmonton protect homeowners from damage to their property, their home and its contents. Homeowner insurance policies include more options for coverage than condo insurance policies because as a homeowner, the sole responsibility for your property and any structures on it, are your own.

Condo insurance

If you own a condominium unit then you need condo insurance. Condo insurance protects you in the event of a fire or incident that damages your condo unit and its contents.

Your condo association is responsible for insuring the building itself, but will not provide you with any coverage for anything contained within your unit. This means that it’s your responsibility not only to insure your personal belongings including all furnishings inside the condo itself. This includes the walls, carpets, plumbing, lighting fixtures, windows and everything else that makes up your unit.

Check with your condo association to find out exactly what they cover and what they don’t so you can choose a policy that offers you the best protection. You should also ensure that the policy you choose includes adequate limits of personal liability coverage in the event someone is injured while visiting your condo.

Tenant insurance

Whether you live in a condo, a house or some other type of dwelling, if you’re renting your home, you need to have tenant insurance. Tenant insurance protects you and your personal belongings in the event of a fire, theft, vandalism or other insured peril. Tenant insurance quotes in Edmonton vary based on the type and amount of coverage, the amount of the deductible you select,  and the type of property.

If you’d like to learn more about the differences between tenant insurance, home insurance and condo insurance, visit Drayden Insurance in Edmonton today. At Drayden Insurance, we’re happy to provide you with quotes on a wide range of insurance products. Contact us today to learn more about the products we offer or to request a free quote. At Drayden Insurance, we’re here for you.

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