Key Differences Between Homeowners And Townhome Insurance

Key Differences Between Homeowners And Townhome Insurance.jpg

Whether it’s your first townhome or you’ve gone through the process before, CB JENI Lifestyle Homes encourages you to be equipped with the right information when it comes to insurance. Buying a townhome is similar to buying a house in many ways, but there are some key differences that you should know so that you are prepared for any circumstances you may face in the future.

Where does the townhome association play a part?

This is perhaps the biggest difference between both types of insurance. Since most townhome communities are jointly owned by you and your neighbors, the Home Owners Association will be responsible for covering all of the exterior aspects of your new community. Some areas you won’t be responsible for are outside land, the building structure, and common areas.

How much of the residence has to be insured?

Since you are part of an HOA community, you will need just enough dwelling protection to cover the interior of your home and its contents. HOA insurance would cover any damage caused to the exterior of your unit, such as elevators, hallways and the actual building, however in some cases the HOA insurance also covers the interior of your unit too, so make sure you check with your HOA office to know how much insurance you will need.

What will I be liable for?

Much like homeowners insurance, townhome owners could be found liable if you have a visitor that is injured, if you accidentally injure someone away from home, or if you damage someone else’s property. However, if someone is injured in any of the common areas such as the pool or lobby entrance, your HOA insurance will cover these damages.

Make sure you are aware of the key differences (and advantages) of living in a townhome when you purchase one of CB JENI Homes’ beautiful townhomes in the Dallas area! Give us a call at 972-905-5001 or learn more about our newest townhomes on our community pages