If you live in a condo or a townhouse, the policy is very different than a homeowners insurance policy. The necessary coverage will usually be less than a single-family home. However, condominium and townhouse insurance owners still need to be covered for the possessions in their home.

The shared areas and exteriors of condominiums are generally covered by the condo association, however, you will need an insurance plan to cover the following:

• Interior walls
• Carpets
• Countertops
• Cabinets
• Plumbing
• Any personal possessions

On top of the preceding items, townhome owners will need coverage for the exterior and structural construction of the townhome, including:

• Roof
• Frame
• Exterior Walls
• Foundation
• Fixtures
• Floor
• Outbuildings
• Property

What is the difference between a condo you live in and a condo you rent out to others?

• A condo you own will include coverage from “THE SHEETROCK IN” plus your personal property into one lump sum amount of coverage. You may see it on your policy worded as “content/personal property” coverage. This is amount should be enough to replace your flooring, kitchen, bathrooms, inside walls, sheetrock AND your personal property. Your condo association will typically cover from the walls out. Meaning they will rebuild the structure in the case of a claim but you as the owner are responsible for all in the inside finishes and your personal property.
• If you are renting your condo to another party, the same concepts of covering everything from the sheetrock in still apply, however you are not responsible for your tenant’s personal property. You may obtain a small amount of content coverage for appliances like your washer/dryer & refrigerator if you allow your tenant to use those items.
• Ultimately your tenant needs to obtain their own Renters Insurance in order to protect their own personal property & to have their own liability in case they are liable for any fire damage to the premise for example.
• Care about your jewelry, wedding, engagement or class ring? Add it to your homeowner, condo or renters insurance easily. Don’t forget to get an appraisal from our preferred partner J&M Jewelry.
• We also recommend that you obtain the maximum liability limits you can incase your tenants gets injured due to your negligence of maintaining the property or to at least defend you in court from a tenant that tries to sue you. An Umbrella policy can help protect you and your assets with increments of $1,000,000 in additional coverage.

Condominium and townhouse owners both need to have general liability insurance for anything that happens in or on their property. Before you decide on a policy, make sure you understand what is covered by your homeowner’s association. Make sure that you are covered for everything that your association is not covering.

Talk to an insurance agent about your condominium or townhouse agreement, so that you understand where you may need more coverage. Rafail’s agents can discuss your property and possessions so that everything in your home is protected. Ask us any questions that you may have about your homeowners insurance policy to see if you are fully covered for any disaster or accident on your property. We can make sure that you are insured no matter what happens. A quality insurance plan will ensure that you and your family is protected no matter what happens.