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Condo and townhome insurance differs from traditional homeowners insurance in a few key ways. Understand the differences and protect your home with a life insurance policy today.
Condo and Townhome Insurance
Much like home insurance, finding coverage for your condo or townhome is crucial to provide financial compensation in the event your home is damaged. While you may not be legally required to have insurance coverage if you live in a townhome, it’s still crucial to safeguard your assets and belongings against unforeseen circumstances. If you live in a condominium, you may even be required to have home insurance coverage to ensure you comply with the condo association’s guidelines. Depending on your living situation, you may want to find renters, condominium, or homeowners insurance.What is a condo?
A condo, or condominium, is a type of residential property where residents own individual units, while the common areas and facilities are jointly owned and maintained by all the unit owners within the complex or building. Each individual owner has a deed to the space they own and shares ownership and responsibility for the common areas such as hallways, recreational facilities, and exterior spaces. Condominium ownership provides residents with the benefits of homeownership, including the ability to build equity and have control over their living space, while also sharing responsibilities and costs for the maintenance and upkeep of shared areas with other unit owners. Some condo owners decide to rent their properties, which means you can either rent or purchase a condo depending on your financial situation and goals.What is a townhome?
A townhome, or townhouse, is a type of residential housing that is typically characterized by multiple floors and shared walls with neighboring units. Townhomes are often part of a multi-unit complex or row of similar homes. Townhomes are attached to one or more neighboring units, sharing walls and sometimes floors or ceilings. This design allows for efficient land use and can offer a sense of community. Many townhome communities are governed by a homeowners' association (HOA), which manages shared amenities, exterior maintenance, and community regulations. Residents typically pay HOA fees to cover these shared expenses. Townhomes are typically multi-level residences that share walls with neighboring units, while condos are often single-level units within a larger complex or building.How much does condo and townhome insurance cost?
Condo and townhome insurance, also called HO-6 insurance, is a type of insurance policy designed to protect the unique needs of condo and townhome owners. These policies typically provide coverage for the interior of the unit, personal property, liability protection, and additional living expenses in case the unit becomes uninhabitable due to a covered loss.The cost of condo and townhome insurance depends on various factors, including your location, coverage level, and deductible amount, with typical rates varying significantly by state and coverage level. Condo insurance is generally cheaper than homeowners insurance due to the difference in coverage. Condo insurance (HO-6) doesn't cover the building, unlike homeowners insurance (HO-3), which increases the cost of coverage.What does condo and townhome insurance cover?
HO-6 insurance is the type of insurance that covers condos and townhomes and provides coverage for unit owners whether they live in their unit or rent it out to tenants. This type of coverage is essential if you’re a homeowner, protecting your investment and belongings. It typically includes interior structure coverage, safeguarding the unit's interior, fixtures, appliances, and any upgrades you made to the unit. Personal property coverage is also a crucial component, offering protection for belongings like furniture, clothing, and electronics against theft, damage, or loss. Additionally, condo and townhome insurance may encompass protection for special assessments by the homeowners' association (HOA) and the unique needs of your community’s living arrangements.Covered by Condo Insurance | Not Covered by Condo Insurance |
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Covered by Condo Insurance
- Dwelling coverage
- Personal property coverage
- Liability coverage
- Loss of use
Not Covered by Condo Insurance
- Earthquake and flood damage
- Wear and tear
- High-value items
- Intentional damage
Do you need landlord insurance for your condo or townhome?
Landlord insurance, also known as lessor’s risk only insurance, is a type of insurance policy designed specifically for individuals who own and rent out residential properties. This insurance provides coverage for the unique risks and liabilities that landlords face when renting out their properties to tenants. Landlord insurance covers losses that result from a tenant’s use of your property. If you’re renting out your condo or townhome to tenants, it is important to have landlord insurance. Standard condo or townhome insurance (HO-6) typically provides coverage for unit owners, whether they live in their unit or rent it out to tenants. However, landlord insurance is specifically designed to address the unique risks and liabilities associated with renting out residential properties. As a landlord, it’s a good idea to protect your investments by having both lessor’s risk only insurance and general liability coverage for maximum protection against liability.Shop for condo, townhome, or landlord insurance and save with SelectQuote.
Whether you’re interested in purchasing a condominium or townhome, or you want to rent out your existing home to tenants, it’s crucial to find the insurance coverage you need to keep your assets protected. Fortunately, SelectQuote can help. With nearly 40 years of experience helping customers like you, our licensed insurance agents can answer your questions and guide you through the process of finding the right policy. In just minutes, they’ll help you compare rates from several of the nation’s highly trusted carriers, so you can rest assured that you have the right amount of coverage at a price you can afford. We save you time and money by doing the legwork so you can focus on what really matters—ensuring your home and investments are protected.We do the shopping. You do the saving.
