What You Need to Know about Townhouse Insurance
If you’re like most, your townhouse is filled with your possessions, from your priceless family photos to your favorite recliner. If you have a townhouse association, they may carry a master policy; however, you still need to protect those things that make your house home: your belongings.
Things to Ask About
What Structures Of Your Home Are Covered By Your Townhouse Association?
Some associations have a master policy; some don’t. If your association offers no coverage, you may need to purchase a basic single-family homeowners policy. You must insure your lot as well. This could include shrubs, trees and outdoor structures.
If you HOA has a large deductible make sure you ask your agent about assessment coverage. The HOA will charge all homeowners their share of the potential very large deductible.
Are You Protected Against Water Damage?
If the sewers or drains back up, will you be covered? Some policies protect against water damage while others do not. Make sure to check and see if this is part of your policy.
Do You Need Flood Or Earthquake Insurance?
If you live in an area prone to those types of natural disasters, you should spring for the additional coverage. Standard homeowners’ policies don’t cover floods or earthquakes, but you can purchase both separately through your insurance agent.
Do You Need Additional Personal Property Coverage? Your build out from walls in . Appliances, carpet, fixtures, kitchen cabinets and any improvements you added above and beyond.
Most townhouse policies cover your personal possessions up to around $2,000. If you have expensive items like jewelry, furs or collectibles, you might want to get additional coverage for those big-ticket items.
Are You Eligible For Any Discounts?
You may be able to lessen the financial burden by raising your deductible or installing fire and anti-theft devices. If you insure with the same company your homeowners association has their master policy with, you may also pay a lower premium.