The cost of living in Connecticut is one of the highest in the country. It isn’t easy to break into the housing market. A condo is one way to buy your own place without having to break the bank. Whether you are a first-time buyer or a retiree, condos are a popular choice to get a place of your own. At Bogden Insurance Agency in Berlin, CT, we have been offering friendly service since 2008. As an independent agency, we can offer more choices and better options. 

As a condo owner, you may wonder what kind of insurance you are required to have. If you have a mortgage, your lender will require the same type of insurance a homeowner must buy. If you own your unit outright, you need to check your condo covenant. Chances are, you are required to have insurance to protect the other owners in the association. 

The homeowners’ association will have insurance covering common areas and the exterior of the building. With home insurance, you are responsible for the exterior of your own home; with a condo, you are usually responsible for everything inside the interior walls. This usually includes plumbing and electrical. This is the main difference between condo insurance and home insurance. 

The condo association has liability insurance for common areas, places like the pool, elevator, and parking lot when it comes to liability coverage. Home insurance provides inside and outside liability coverage. 

Both home insurance and condo insurance offer content coverage. This can be either actual value or replacement cost, depending on what works best for your own items. Both policies most likely offer loss of use coverage, allowing you to find a place to stay when your home is uninhabitable. 

Contact Bogden Insurance Agency in Berlin, CT for any insurance needs you have.