Townhomes are increasingly popular and a choice of ownership for many people. According to the University of Florida, townhomes account for 22% of all homes. The owners like the affordability and unique lifestyle these structures provide.
The insurance coverage is different from traditional properties and requires an understanding of how everything works. Here are some insights about townhome insurance and what you should know.
How do HO-3 Policies Apply to Townhomes?
If your association has a master policy that covers all units, including the entire building structure you could qualify for an HO-6 to save money. In most cases, you’ll need an HO-3 policy that specifically applies to townhomes by giving you the protection that goes beyond normal insurance. This kind of insurance policy covers events that happen on your property and reduces the potential liability to you. Your coverage picks up where the HOA’s policy leaves off and fills any gaps in your insurance.
We recommend HO-3 policies to give you peace of mind and the extra protection you need.
We are a Florida-based agency that represents all of the major carriers across the state. We work with you to create a policy that gives you the most coverage and is tailored to your needs.
Get the Coverage You Need Today!
Townhome insurance is a necessity to protect your personal belongings and the property. We recommend this coverage to help during those times when unexpected events happen.
Call us today at 888-910-1350 and put our knowledge, experience, and professionalism to work for you. We are the best in the business and are here to help you get the right policy for your townhome. Our team of specialists will work with you through the entire process to get the best coverage for your property.
What is covered by Townhome Insurance?
Townhome insurance depends on if you are sitting at a property where there is a Home Owners Association (HOA). If you have an HOA, you will need a special kind of insurance that applies to townhouses called HO-3 policies.
HO-3 policies apply to single-family homes and townhouses in communities with an HOA. The HOA’s insurance covers common areas such as shared land, swimming pools, playgrounds, parks, and recreation facilities.
You are responsible for providing coverage to your townhouse. These policies cover different areas including
- Theft: If you have a break-in and someone steals your personal property, these items are covered under the policy.
- Fire and smoke damage: Anytime you have a fire or different items are damaged by smoke, the policy covers these incidents.
- Damage to the structure: When you experience damage to the structure of the townhouse, the policy offers protection.
- Liability: If you have someone over at your townhouse and they become injured, the insurance policy will cover these events.
HO-3 policies offer protection that goes beyond the coverage of your HOA and prevents a total loss to your property. We recommend this type of insurance policy if you own a townhouse and have an HOA in your neighborhood.