Home insurance is typically more expensive than condo insurance because homeowners are responsible for insuring the entire property, including both the structure and personal belongings. This means they must cover the cost of repairs or rebuilding if the house is damaged, which can be significant, especially for larger properties. Additionally, homeowners need coverage for the land beneath the house, which increases the overall risk and potential cost of the policy. In contrast, condo insurance primarily covers personal belongings and liability within the unit, as the building’s structure and common areas are insured by the condo association’s master policy. This means condo owners have less financial responsibility for the building itself, reducing their coverage needs and premiums. Therefore, the lower level of coverage required for a condo leads to lower insurance costs compared to the more comprehensive coverage needed for a home.