Your Frisco Townhome Insurance Agent
As an independent insurance agent, Parkwood Insurance can get you the best coverage for your townhome. Your home is not only one of the most valuable assets you own, it is also the center of you and your family’s life and where you create lifelong memories.
Helping you protect your townhome is important to us and we will search high and low to find you the best homeowners coverage so you can rest assured that your home and its contents are protected if anything should happen.
Why Do I Need Townhome Insurance?
Homeowners insurance is as important for townhome owners as it is for any other homeowner.
Homeowners insurance provides protection for your assets. It can cover the structure of your dwelling and other structures on your property in the event of a covered peril such as a fire. It can cover your belongings, called personal property, in the event of loss from a covered peril. It also provides coverage in the event you have personal legal responsibility, called liability.
Often, townhouses are insured through an association master policy. If your townhouse is covered with an association master insurance policy, the common areas may be covered. However, make sure to check where gaps may exits so that you can fill in these areas with your own insurance policy so you are fully protected.
If you purchased your townhouse using a mortgage, your lender will likely require you to have homeowners insurance. This is to protect the bank’s investment, as well as your own.
What Does Townhome Insurance Cover?
When a townhouse owner buys townhouse insurance, it covers the unit and any outdoor areas that the owner has the title to. This includes the exterior, interior, and any patio or balcony areas.
The policy covers fire damage and some storm damage. Flood or earthquake insurance is generally optional.
Storm damage outside of flooding is almost always part of the general policy for townhouse owners.
Unlike condo owners, who do not own the land beneath their units individually, townhouse owners need liability protection for accidents on their property, whether it is inside or out.