Condo / Town Home
Condominium and town home insurance is a little different from homeowners insurance, because the condo owner is usually part of a condominium association that is responsible for insuring the building or structure. However, that insurance offers very little protection for its unit owners. In most cases, there is no coverage at all extended to the individual unit owners.
Condo and Town Home insurance is designed to provide personal liability and property loss coverage for the unit owners. A typical condo owner’s policy will cover things not covered by the association’s master policy, such as the value of improvements that you have made and any losses not covered because of the master policy’s deductible. The association’s bylaws will spell out just where the association’s liability stops and your liability begins. Be sure you understand the rules and regulations set by your condominium association before you buy a policy.