Insurance for Your Townhome

Like regular house insurance, townhome insurance is designed with the specifics of living in a townhome. It is an essential thing to have in order to protect your property investment and your belongings. Unlike regular house insurance, most townhome insurance includes liability insurance! Most of these policies also include, in the basic policy, amounts for temporary living expenses due to restaurant and hotel bills in the event that you are unable to live in your townhome because it’s become unlivable.

I’ve Heard of Condo Insurance – Is Townhome Insurance the Same?

While townhome insurance is similar in ways to condo insurance, there are some stark differences between them:

• Condominium associations in most states are made to comply with laws that include specific insurance requirements that they have to have. Townhome and homeowner’s associations, however, are often exempt from these same regulations in a lot of states. Check if you have a townhome association and if you do, find out what kind of coverage they have in place already. Once you know this, you’ll be able to determine the kind of insurance you need.

• A condominium owner will only usually need insurance to cover the belongings within their home. A townhome owner, however, will likely need to have coverage for those things in their lot – plants, structures, and other items. You may also need liability insurance that may not be covered by any master policy your townhome association has in place for common areas.

It could be that your townhome association either doesn’t have a master policy, or they have one that solely covers the common areas. In this case, you will pretty much have to insure your townhome like it’s a regular single family dwelling. It’s also even more important to have coverage in this case so that any structural damage will be covered in addition to your belongings.

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