Is condo insurance the same as standard home insurance?

No- condo insurance and home insurance are two different types of insurance policies. The reason being that single family owners and condo owners have different needs when it comes to coverage.

A condo policy provides a limited amount of dwelling coverage (typically from the studs of the walls in). Whereas a home policy provides dwelling coverage for the entire structure of the home (inside and out). A condo policy also does not provide Other Structures coverage which protects single-family homeowners in the event their detached garage or shed is damaged.

Condo insurance is similar to a standard homeowners insurance policy in that it typically will offer liability, contents, and livings expenses coverage as well as MedPay.

Condo owners typically also are required to pay into a Master Policy which covers the shared parts of the condominium building including the roof, stairwells, basements, hallways, etc.