When it comes to ensuring you have the appropriate insurance for your specific home, many people do not understand that there is a difference, especially when it comes to the type of home you live in.

Understanding The Difference Between Condo & Townhome

Many think that condos and townhomes are one in the same, except when it comes to the exterior style of the home. However, it is not the exterior style of the home that determines whether or not it is a condo or townhome.

In fact, the determining factor is ownership. This means that if you own a condo, you only own the inside of your home, which means that the exterior, land, and common areas are owned by an association. If you own a townhome, you also own the land beneath your unit.

The Importance Of Appropriate Insurance Coverage

This distinction of what type of home you own is significant when selecting your insurance coverage, especially since your costs may be lower than what you may be paying unnecessarily.

Since you only own the interior of a condo, all you need to insure is the interior parts of your home. Be sure to consider any bylaws your association may have in order to ensure you are covered where it is required, however, you typically are not required to obtain insurance coverage for anything beyond your condo’s walls – covering your carpeting, plumbing, counters, cabinets, etc. should be all your plan needs to include.

With townhome ownership, you will need to purchase coverage not only for your home’s structure but also for the land that your home is on as well. Townhome coverage extends beyond the interior items, such as plumbing, flooring, etc., but also extends coverage to your roof, exterior walls, floor, foundation, and your property.

No matter the type of home you own, you will need to ensure you are purchasing the appropriate coverage to cover other aspects, including your personal belongings and liability coverage.

It is also a good idea to confirm with your association which types of disasters, theft, etc., are covered by their policy, thereby helping you to determine what other items you may want to include in your own coverage that you will purchase separately.

If you need help figuring out what type of coverage is best for your home, contact Brazelton Insurance Group for more information today.