I wrote about condominiums and condo insurance last week and this week, I wanted to follow that up with an overview on town house insurance. The reason for addressing town houses as a distinct home type is they have elements of a traditional single family home. They also share something in common with condominiums as they have a mandatory homeowner’s association and are usually found in highly planned communities.
I am talking with a prospective client who’s buying a condo later this month. She was unware of an option on the condo insurance quotes I prepared for her which is important because her new home has a mandatory Home Owner’s Association for the complex. In fact, regardless of whether you own or are buying a home, town house, or condo with a mandatory HOA, this one option should be included with your home insurance. It’s loss assessment coverage and it can save you thousands of dollars.
There’s an old saying, “If it walks like a duck and quacks like a duck, then it’s a duck.” That isn’t always the case when it comes to a town house. From an insurance standpoint, sometimes a town house is a house and other times it’s a condo. It really depends on the homeowners association and their insurance policy.
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