At Steffey Insurance, we have had an opportunity to insure many townhouses and condo units across Indianapolis, Indiana and beyond. With all of the new construction happening around the Indy area, we’ve had a chance to run-across many different types of condo units and have learned how to insure each type of unit the correct way. Insuring a condo or townhouse, generally speaking, is like insuring a cross between a renters policy and a homeowners policy.
Insuring a condominium is similar to insuring a renters policy because, in general, you do not insure the exterior of the building. In most cases, you will insure the unit from the studs in. Each unit is insured separately in this manner. The condo association will usually insure the exterior of the buildings, which is paid for through monthly COA or HOA fees. In this way, the condo policy is much like a tenant policy since you do not insure the actual structure or exterior of the building. Conversely, a condo policy, or HO-6, is more than a tenant policy, and more like a homeowners policy in the fact that you do insure the interior of your unit. This coverage will include the drywall, appliances, cabinetry, flooring, etc. This is not covered by a tenant policy, which generally only provides liability and personal property coverage.
Keep in mind, when shopping for insurance on your condo or townhouse, that these are just general rules. While this covers about 75% of what we see, there are many instances, especially in the case of a townhouse or PUD (Planned Unit Development), where the owner will be responsible for the exterior of their unit. The best way to find out what exactly you’re responsible for is to ask the Condo Association or Homeowners Association. They will be able to tell you exactly what you need after reading the by-laws. The Association by-laws should clearly state exactly what the unit owner is responsible for.
Given our history of insuring condo units throughout Indianapolis, the state of Indiana, and the midwest region, we like to consider ourselves experts in the subject. We have a lot of experience insuring these units as well as the condo and homeowner associations themselves. If you have any questions regarding how to insure your condo or townhouse please don’t hesitate to call us. One of our representatives will be able to help answer all of your questions, as well as provide competitive and comprehensive quotes on your property. Please contact us at any time!