Featuring everything from community swimming pools to security patrols to the notorious HOA, condos and townhomes are places many call home. It’s where friends gather, stories are told, and memories are made. Life wouldn’t be the same without the people you have and the roof over your head. Condo and townhome insurance can help make sure your home and everything in it is replaced in the event of a tragedy.
For insurance purposes, condos are considered to be dwellings that share a wall and are under an association which covers damages to their exterior, while townhomes are dwellings that share a wall whose owners are responsible for exterior and structural damages. Your agent will be able to tell you which is best for you if you’re unsure. Another difference is that in the event your home is totally destroyed, condo insurance does not pay for rebuild costs, while townhome insurance does.
Condos and townhomes just as much of an investment as owning an independent, single-family home. So they should be insured just the same. Your local association might have an insurance policy in place to handle the common areas, but they’re unlikely to provide coverage necessary to replace your belongings, or structural damages if you’re in a townhome. Having your own policy can help cushion your losses in case anything unexpected were to happen.
Coverage can help when damage to your interior, such as built-in appliances and flooring, isn’t covered by your association’s insurance policy.
Liability coverage can help you protect your assets against lawsuits and medical costs that result from accidents that take place on your property.
Coverage for additional living expenses can help with the costs of temporary relocation when a covered event makes your home uninhabitable.
We can help if your personal property is stolen, by anyone anywhere in the world, up to your policy’s limit.
Bundling your insurance policies is a great way to get discounts on all of them! Before you sign for a condo or townhome insurance policy, be sure to ask about an auto, umbrella, or life insurance policy quote as well. Some people who switch and bundle their policies save 20% on their insurance as a whole!
