Who Needs Townhouse Insurance? What Policy Should I Buy?
Townhouse insurance is a type of homeowners insurance that is specifically designed to cover townhomes. While your townhome association may have some insurance that covers the structure of your home, it is important to remember that this does not protect your personal belongings or liability. A townhome insurance company in Florida will cover all of these things and more.
Who Needs Townhouse Insurance?
The law does not require townhouse insurance, but your mortgage lender will almost certainly require you to have some form of homeowners insurance. If you own your home outright, you are not required to have townhouse insurance, but it is still a good idea. Townhome insurance in South Florida protects your home and investment in the event of a disaster.
You will need townhouse insurance if you have to build your townhouse in a planned community. Your association’s policy will typically only cover the building’s physical structure and common areas. Any damage to your personal belongings or unit will not be covered under the association policy. In addition, your townhome insurance policy will also provide liability coverage if someone is injured while on your property.
Condominium association also requires homeowners to buy insurance. The condo agreements you sign when you purchase your unit will state the minimum amount of coverage you need to have. However, it is essential to remember that this is the bare minimum, and it is always a good idea to get more coverage than what is required.
What Policy Should I Buy?
The type of policy you need will depend on a number of factors, such as the value of your home, the amount of coverage you need, and whether you live in a high-risk area. Working with an experienced townhome insurance company in Florida like ZK & Associates is important to get the right policy for your needs.
If you live in a condominium association, you should buy condo insurance or HO-6 coverage. The condo insurance covers the unit owner’s personal property, fixtures and improvements they made to the unit. It also provides coverage for certain liabilities. The HO-06 is the most common type of policy offered to condominium associations. Florida townhouse insurance coverage also includes loss of use, which will help you pay for additional living expenses if your home is uninhabitable due to a covered claim.
For collectively owned properties, you’ll need to buy condo group insurance. The condo group policy is a master insurance policy purchased by the condominium association on behalf of all unit owners. This policy covers the common areas of the condominium property, such as the swimming pool, clubhouse, and parking lot.
Florida townhouse insurance coverage will only cover your unit if your home does not fall under condo association. The policy will cover the physical structure of your unit and your personal belongings. The amount of coverage you need will depend on the value of your home and belongings. You should also consider getting additional coverage for floods, earthquakes, and windstorms.
If you’re considering townhome insurance in South Florida, contact ZK & Associates today. We offer a variety of townhome insurance policies to meet your needs and budget. We would love to help you find the right policy for your home.
