Do You Need Condo or Home Insurance for a Townhome?

Here at HBW Insurance Group in Catonsville, MD, one of the questions that we are frequently asked is what type of insurance you need for a townhome. In some cases, a townhome can be insured through condo insurance, while in other cases, a regular homeowner’s insurance policy is needed. Here are a couple of the questions you should answer when you are deciding whether you need condo or homeowners insurance for a townhome. 

Who is Responsible for the Exterior of the Building?

One of the questions that needs to be answered when determining if you need condo or home insurance for a townhome is who is responsible for the exterior of the building. If you are responsible for the exterior of the building, then you will need homeowners insurance. If an HOA or a management company is responsible for the exterior, you may only need condo insurance. Condo insurance covers only the inside of the building, while home insurance covers both the inside and the outside. 

Who Owns the Land? 

The second question that you need to ask is who owns the land that the townhome is built on. If you own the land, you have to insure that land, and home insurance covers the land and the building. If a management company or HOA owns the land that your townhome is built on, they have to insure the land, not you, meaning you may only need condo insurance in this situation. 

If you are looking to insure a townhome, contact HBW Insurance Group in Catonsville, MD. We will help you determine what type of insurance is right for your property and then find the policy that is ideal for your situation. Call us now to obtain a free quote.