What Home Insurance Policy Do I Need To Take For My Town Home ?
I got a new town home last week and the HOA (association) has a policy which I am hoping will cover the exterior and common area.
Now as a home owner within my home what policy do I need to get ?
1) Is there a standard townhome policy which most of the owners get ? if yes what policy is it ?
2) The home value is 225K, do I need to mention this number anywhere in the policy ?
Help me as I am new first time home buyer
Thanks in advance
homeinsurance.awardspace.us – try this one. Got my home insurance from them. As I know they provide such a service.
Most owners of a townhome purchase a standard homeowners policy. I would call an agent to talk about this. Some companies have strict underwriting requirements/restrictions on townhouses.
Yes, you will need to mention home value. However, most houses are insured for replacement cost not market value. Do not be surprised if the replacement cost is higher than the market value, this is normal especially in older homes.
You need a policy that covers “studs in” (in TX). The HOA is responsible for roof, exterior walls, etc. You are responsible for sheetrock, carpet, appliances, fixtures, etc. Make sure to purchase enough coverage to take care of you personal belongings as well.
Did you close escrow? If you did then the Association policy probly covers the building. You need a townhome policy that does not have coverage on the building.
Call your insurance agent and ask.
With all due respect in the time it took you to type that question you could have called your insurance agent. Duh!