09/04/2024 | Press release | Distributed by Public on 09/04/2024 09:22
We may be a little biased here, but protecting your home and personal belongings is important-and often required. Usually selecting policies is pretty straightforward, but one question we often get here at Erie Insurance is how to select the correct policy for your townhouse. For specifics on policies and what fits your exact situation, we always recommend you speak to your local insurance agent, but let's cover some of the basics:
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A townhouse is an older concept in housing, first introduced in Paris in the 1600s, however in recent years they've seen a booming comeback. This style of home was popular in dense urban areas, where life can be a little cramped. To accommodate the dense city populations, these homes are built vertically, they are often narrow, multi-story homes that share one or two walls with adjacent neighbors.
Today, townhouses are seen in both big and small cities and even out in suburban areas. A townhouse is purely a style of residence, meaning its ownership can take several different forms, which then leads to some confusion on insurance policies.
So, you found the perfect little townhouse in a cute area you love and now you must insure it, but how? Well, that is actually based on the ownership status of the townhouse. You can fall under one of three types of policies:
If the townhouse you live in is solely yours, even with a mortgage on it, then you should be looking into a homeowners policy. This policy is the standard policy for private single-family residences. It is designed to cover everything from the top down, wall to wall and the property. This policy covers things like:
If the townhouse you are moving into is owned by a landlord you pay rent to, then you would want to look into a renters policy. These policies are not for property or dwelling, as the landlord will have policies in place that cover the physical structure and property for which you are renting.
Renters policies instead protect you and your personal belongings. Personal property, living expenses and liability coverage are all coverages you'll find on most renters policies. For example, in the event of a fire, the landlord's policy will cover the structure loss, but it doesn't always cover your things that were in the building. That is where renters policies come in.
If your townhouse belongs to a condo association, then the coverages needed change a bit. Similar to a renters policy, the condo association will hold a policy that often covers any shared spaces (such a lobby, pool, elevators, etc.) as well as the exterior of the home. Condo insurance is typically designed to protect everything within the walls of the unit.
Personal property, living expenses and liability coverages still apply in the same ways they do with the others listed here. One of the major differences is condo insurance often also covers interior additions and alterations should you make a permanent structural change within the condo, such as adding a bathroom.
No matter what type of policy you're going to need or if you need help navigating what coverage you should have, we're here to help bring you peace of mind. Make sure to reach out to a local ERIE agent for a quote!
ERIEĀ® insurance products and services are provided by one or more of the following insurers: Erie Insurance Exchange, Erie Insurance Company, Erie Insurance Property & Casualty Company, Flagship City Insurance Company and Erie Family Life Insurance Company (home offices: Erie, Pennsylvania) or Erie Insurance Company of New York (home office: Rochester, New York). The companies within the Erie Insurance Group are not licensed to operate in all states. Refer to the company licensure and states of operation information.
The insurance products and rates, if applicable, described in this blog are in effect as of January 2024 and may be changed at any time.
Insurance products are subject to terms, conditions and exclusions not described in this blog. The policy contains the specific details of the coverages, terms, conditions and exclusions.
The insurance products and services described in this blog are not offered in all states. ERIE life insurance and annuity products are not available in New York. ERIE Medicare supplement products are not available in the District of Columbia or New York. ERIE long term care products are not available in the District of Columbia and New York.
Eligibility will be determined at the time of application based upon applicable underwriting guidelines and rules in effect at that time.
Your ERIE agent can offer you practical guidance and answer questions you may have before you buy.