What’s the difference between a condo and a townhouse?Condos and townhouses frequently differ in appearance. Builders usually place several condo units within one building. The arrangement looks similar to an apartment complex. Show
Who owns what?One of the key differences between a condo and a townhouse is ownership—or how much of the entire structure you own and are responsible for.
Generally, owning a condo means you only own the inside of your unit. But when you own a townhouse, you may also own and be responsible for the outside walls, the roof, and the land beneath your townhouse. What kind of insurance do I need for a condo?As a condominium owner, you can find coverage especially suited for condos. It’s simply called condo insurance or HO-6 insurance. Typically, condo insurance helps protect personal belongings inside your unit, such as your clothes and furniture, against things like theft or fire. What kind of insurance do I need for a townhouse?There is no insurance specially designed for townhouses. If you own one, you’ll want to consider a homeowners insurance plan. In other words, you’ll purchase the same type of insurance as someone with a traditional freestanding house. However, there’s a chance your costs may be lower, since townhouses often are smaller than standalone houses. The differences: condo vs. townhouse insurance coverageCondo and townhouse insurance will differ according to the specific terms of your insurance plan. However, this chart gives you a general idea of what each type of insurance is likely to cover.
Condo and townhouse insurance will also differ in price. However, both are generally less expensive than insurance for a traditional house. Does a homeowners association have insurance, too?Both condominiums and townhouses may require you to join and contribute money to an HOA, which then purchases insurance to cover the parts of the structure and complex not covered by your individual insurance. For example, the insurance policy owned by the HOA may pay for damage to the building or community’s swimming pool and may also provide liability coverage for any injuries that happen in common spaces like a walkway or an elevator. Conclusion: get the proper insurance to protect your condo or townhouseWhether you purchase a condo or a townhouse, insurance can be key to your financial security. To help protect yourself against possible loss, take the time to ask questions about your personal coverage and the insurance that covers the building or community’s common areas. What's the difference between ho3 and HO6?The main difference is the type of properties they cover. HO-3 insurance covers standard homes, whereas HO-6 insurance covers condos. Another difference is what portions of the property each policy covers.
What is the difference between a townhome and a townhouse?A townhouse (also known as a townhome) refers to a type of architecture. It's a multilevel home that shares walls with other homes on one or both sides. If you own your townhouse, you own the interior, exterior and land on which the home sits.
What does HO6 mean?An HO6 insurance policy is homeowners insurance for those who own a condominium or co-op unit. As a condo or co-op unit owner, you own and are likely responsible for damages to your unit.
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