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Do you know what your townhome insurance covers?

Condominium/Townhome Insurance

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If you own a Colorado Springs townhome or condo, have you looked at your homeowners insurance lately?

Some Colorado Springs Townhomes and Condos do not have an organization providing insurance for buildings, maintenance or common areas.   In this case, each unit is considered a single-family residence and standard homeowners insurance applies.  

Other complexes have a Homeowners Association (HOA) where you pay a monthly fee.    Part of the fee goes to cover the Master Insurance Policy on the structure of the building.    As the owner of a condominium or townhome, you are responsible for everything from your interior walls inward.   In the event of a total loss that required the building to be rebuilt, you would be responsible (or your insurance company would be responsible) for the interior walls, and everything inside your condo.   This would include bathroom fixtures, kitchen appliances, cabinets, countertops, flooring, etc. along with your personal belongings.

What is your deductible?

But another part of the insurance equation you should be aware of is the deductible on the Master Insurance Policy.   Under certain circumstances, associations can allocate insurance deductibles to owners.    This may be easily fixed by contacting your insurance agent and having a rider added to your policy to cover this deductible.  

Talk with your insurance agent who can best advise you on the protection needed for your situation.

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Kathy (719-287-1049)   KTorline@msn.com

Tags: condominium insurance, Insurance deductible, Master Insurance Policy, townhome insurance, townhomes in Colorado Springs

This entry was posted on Tuesday, October 20th, 2009 at 12:53 pm and is filed under For Buyers, For Sellers. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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