Owners of condominiums and townhomes have the unique insurance needs. A condominium owner does not own the real estate as such but the “walls in” , meaning everything from the interior walls in, including cabinetry, flooring and appliances. The coverage for the building is specifically and separately insured by a policy owned and maintained by the condominium property owners association , and the premium for this coverage is paid by the association membership (unit owners) The association usually requires the each unit owner carry certain minimum limits of their dwelling limit, contents and liability coverage
Townhomes can be insured as condominiums or as single family homes, depending upon how they were established when developed.
Endorsements specially designed for condominium and townhome developments include items for association dues assessments and water damage from attached units.
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