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Boise Condo & Townhome Insurance Basics

Chris Antrim • Jan 02, 2021

Townhome & Condo Owners Insurance Policies

Intro:

If you see yourself owning or living in a townhouse or condo, you better know the differences of having your townhouse and condominium insured with the right insurance policy. The people who lived in townhouses and condos aren’t legally required to purchase insurance to protect their assets, but for your lender. Landlords or homeowners associations will oblige you to buy coverage. The type of policy you need to acquire depends on the ownership structure of the property.


Key Points:

Many condos and townhouses look alike, both on the inside and outside. However, where insurance is involved, there is a lot of difference between a condo and a townhouse. When comparing a townhouse vs. condo, you’ll find that what needs to be insured depends on what structure you’re planning to own and who is responsible.


What’s The Difference Between Townhouse and Condo Insurance?


How Townhome Insurance Works

If you own a townhouse, you will have to buy townhouse insurance rather than condominium insurance. When you purchase townhouse insurance the policy covers the units and any outdoor areas that you have the title to. This includes exterior, interior, patio, and balcony areas. The policy will also cover some store damage and as well as fire damage. Unlike condo owners, who do not own the land beneath their units, townhouse owners need to carry liability protection for accidents or any injuries on their property. HO-3 insurance policy single-family dwellings and that includes the townhomes.


How Condominium Insurance Works

Let say you decided to purchase condominium insurance for your condo, it typically provides coverage for most of the structures, but they usually don’t extend that coverage to your personal belongings and possessions. Condo association provides insurance for the building and the land for which the condo stands. The association ensures the buildings and all common areas of both replacement and liability. As an owner, you will need to buy additional insurance policies that will cover the interior of the unit for fire, liability theft, and your possessions. Unlike townhouse insurance, you won’t be needing to carry liability protection, as the association pays for that. HO-6 insurance policy for condos. 


Conclusion:

It is essential to understand the risks involved and the insurance policy you need to protect, having the right coverage for your needs means nothing to be scared of when unforeseen events came in because you and your most valuable assets are covered.


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