Do you know the difference between condo insurance and homeowners insurance? There a some key differences between the two. Where things can get even more complicated is in the event of a townhome. One of the first things you should do when looking at a townhome or condo is to contact the association that you will be a part of to confirm whether the dwelling is a townhome or condo. This will determine what your level of responsibility.
What am I responsible for in a townhouse?
For a townhouse you are responsible for your dwelling structure. In other words, your insurance will need to cover the outside for things like your roof, windows, siding and doors. For this insurance you will need to have a dwelling amount listed. This will be the coverage for the shell structure. You want this number to be the cost to rebuild your townhome from the ground up. Personal property coverage would be the coverage that would be for you stuff inside that is not permanently attached. One other area to make sure you have is liability as you have a little more responsibility as the owner of a townhome vs a condo for insurance purposes. There is more coverage needs for homeowners insurance for a townhome vs condo insurance.
What is the difference for a condo?
First, is the structure itself. For instance, the difference with a condo is that you are responsible for the studs in. However, this does not mean that there may not be a dwelling limit listed. Condo insurance can get tricky here. Companies do not use a universal coverage for the permanently attached part of your condo. For instance, some companies list it as dwelling coverage, other companies list it as betterments and improvements, while a few companies us it as personal property. Be sure to check with your agent to make sure the right coverage exist. It is also a good idea to ask your agent to explain the difference between base coverages and upgrades. Your personal property and liability are the same for condo insurance vs homeowners insurance.
One area to keep in mind with a condo is that the association is typically responsible for repairs unless you are found negligent. For example, if your upstairs neighbor has their hot water heater explode the damage caused to your unit would be your responsibility. This is something to keep in mind when selecting your betterments or attached core coverage, especially if you are upgrading your condo.
All this sounds complicated I need help.
If you need help with the difference between homeowners insurance and condo insurance we are here to help. You can reach us at 412-344-2800. You can also reach us via our client center. If you are looking for more info on homeowners insurance or condo insurance you can follow us on social media. We are active on Facebook, Instagram, Twitter, and YouTube. The agency looks forward to your questions and helping you out.
