At Acme Insurance Brokerage in Amityville, NY, we help local residents determine the right type of insurance for their dwelling. Some folks may rent apartments or homes; others might rent a condo or be homeowners. Each living situation requires different insurance coverage, so it pays to know the differences between them.

What Is Renter’s Insurance?

Renter’s insurance is for folks who are renting an apartment or home. It covers qualifying damages, replacing stolen valuables, and liability if someone is injured on the property in a qualifying event. It does not cover aspects of the property that are the landlord’s responsibility.

What Is Condo Insurance?

Condo insurance covers condominiums. If a place is not considered a condo, it wouldn’t be eligible for this coverage. From liability to repairing damage from qualifying disasters, condo insurance coverage is similar to home and renter’s insurance.

What Is Home Insurance?

For homeowners, home insurance is a must. It covers a primary residence. This means that you can’t use it to cover a vacation home.

Key Differences Between Them

The main difference between the three insurances above is what they cover. The renter’s insurance covers a rental unit at the end of the tenant. Condo insurance covers a condo that is rented or owned by the policyholder. To qualify for home insurance, you must own a home and live in it as a primary dwelling. 

While the specifics of what they cover may be similar, that’s where their similarities end. If you rent an apartment or home, you should know that renter’s insurance is your best option. Carrying your own policy is wise, even if your roommate has this insurance.

For more information, call us at Acme Insurance Brokerage in Amityville, NY!