Homeowners Insurance for a Condo or Townhouse

By Compuquotes Team on March 27th, 2008

Homeowners Insurance

If you live in a condo or a townhouse, then you probably think that all of your homeowner's insurance needs are being met by your home owner's association, however you would be wrong. While your HOA does need to meet certain needs, such as insuring the outer walls of your home as well as the roof of your structure, the inner walls and all of your property are your responsibility.

That means that if there is a fire and your condo or townhouse is gutted, your HOA's insurance company may not be responsible for any repairs beyond the structural. You will be left replacing the inner walls, the coverings, the flooring, and all of your appliances and fixtures. Your HOA is also not responsible for your personal property, which should be insured under your own homeowner's insurance policy.

If you do not have any homeowner's insurance of your own, then a fire or other source of damage could wipe out your entire collection of property, from your television and personal computer to your bed and small electronics. You might not think that you have much worth insuring, but if you take a count of the value of all of the little gadgets that you own and all of the pieces of furniture that grace your home, you may be surprised at the tally that you come up with.

Because you do not need a full homeowner's insurance policy since you are not insuring the outside of your building or your roof, you will want a policy that is actually closer to renter's insurance. This specialized kind of homeowner's insurance is designed for the owners of condos and townhouses, and it protects your property as well as any appliances that you have and any of the structure that is actually your responsibility. This special insurance prevents you from paying too much money on redundant coverage with a normal homeowner's insurance policy, but covers your needs better than a renter's insurance policy.

When you are choosing a homeowner's insurance policy for your condo or townhouse, keep in mind that you may want to select some of the little extras that come with your policy. You might pay more for things like extra coverage for jewelry, however if you have more than a couple of thousand dollars worth of jewelry, then your policy as it is may not be enough to help you cover your collection. If you have art or other collectibles, you may also want to increase the policy amount to help cover your collection.

The best way to decide how much money to spend on a homeowner's insurance policy for a condo or townhouse and how much coverage you need, is to talk to a homeowner's insurance agent about your home and contents. Try to bring them a good list of the property that you have, from kitchen appliances to furniture to electronics to help them get the best idea of what you need for your own home and situation.

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