Townhouse Insurance Condo Insurance
AmeriAgency Can Help You figure Out Townhouse vs. Condo Insurance
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First, the only way to find out how a Condo or Townhouse needs to be covered is by reading the homeowners association by-laws and the reading the master policy(if there is a master policy).
Ownership
Condo owners only own the interior of their unit. All other areas, including the building exterior, lawn and communal areas, are property of the Homeowners Association (HOA).
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In most townhome communities, owners own their unit’s interior and exterior, including the roof, lawn and driveway, but not the communal areas.
Architecture
Condos come in many different styles. They may be part of a large high rise, a cul-de-sac of cottages or anything in between.
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Townhomes are designed in rows, so tenants usually share at least one wall. It’s common for townhomes to have two or more stories.
Community
Condominiums often have a community focus with a club house, pool, golf course and/or similar amenity.
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Some townhouse communities offer the same types of amenities as condos, but others are more private.
Homeowners Association Fees
HOA fees for condos are typically higher than townhouses because they pay for exterior upkeep, such as lawn care, trash removal and pest control.
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Townhouse owners pay lower monthly HOA fees because they pay for much of their own upkeep. Certain types of maintenance and trash removal are still handled by the HOA.
Home Insurance Rates
Home insurance rates are usually lower for condos because owners have to insure only the interior of their unit.
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Townhouses may have higher home insurance rates, since most owners need insurance that covers both the exterior and interior.
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