Townhouse Insurance
Townhouses are like any other home; full of your possessions, memories, and prized items. Often times, these types of homes are a part of an association which usually carries a kind of master policy, similar to the condo master policies. However this master policy does not protect your belongings that are inside your home.
What parts of your home are actually covered by the townhouse association and the master policy?
While many townhouse associations do have a master policy in place, some do not have one at all. This is the most important information to know. If they do not, you will have to find a basic plan that is similar to a single-home family plan. The lot that your home is on is also something that you will have to insure, including any yard space, trees, and any outdoor structures.
What about water damage?
Let’s say something not uncommon occurs- the sewer or water drains somehow back up. Are you going to be covered for the damage this can cause to your home and belongings? There are a lot of policies out there that do not protect against this type of event, so verify that it is a part of your insurance policy.
What about flooding and earthquakes?
There are regions which are considered high risk zones, and if you are in these zones it is a really good idea to add flood or earthquake protection to your policy. Because standard policies for home insurance do not cover floods or earthquakes, it is something you will have to add separately to your policy. Learn more about flood insurance and earthquake insurance.
Should you get the personal property coverage?
If you have a townhouse insurance policy, there is a good chance that you have a personal property protection of up to $2000. However, if you determine that you have more valuable items like big screen TV’s and expensive jewelry, it is a good idea to get this amount of coverage raised.
Can you get discounts?
A simple way to find out if you are eligible for any discounts that your home insurance company offers is to find out what kinds of discounts they have. Perhaps you could do something as simple as raising your deductible, or having a simple and cheap anti-theft system installed.
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