Town House Insurance

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Insurance for town houses depends on if there is a homeowners’ association or other organization that owns insurance for the building. Usually homeowners’ associations provide services for tenants including grounds maintenance and exterior management for the building itself. Such organizations may own insurance for the exterior and joint-owned structures. Tenants pay for this organization to provide such coverage and maintenance.

Town House Insurance Policies

Home insurance is standardized to different policies depending on the type of residence and type of insurance needed. The standard policies are numbered HO-1 through HO-8 and cover single family homes through condominiums and mobile homes. Policy summaries are as follows:

1. HO-1 – covers only against the standard disasters (this policy is no longer an option in most states)
   • Fire or lightning
   • Windstorm or hail
   • Explosion
   • Riot or civil commotion
   • Damage caused by aircraft
   • Damage caused by vehicles
   • Smoke
   • Vandalism or malicious mischief
   • Theft
   • Volcanic eruption
2. HO-2 – covers for the same disasters as HO-1 plus
   • Falling objects
   • Weight of ice, snow, or sleet
   • Water damage from within the home
   • Cracking, burning, or tearing apart of water heater or air conditioning system
   • Freezing of plumbing features
   • Accidental damage from artificial electrical current
3. HO-3 – the most popular policy – covers all of the above perils plus any other peril with the exception of (special insurance can be purchased for some of the natural disasters listed below)
   • War
   • Flood
   • Earthquake
   • Landslide
   • Mudslide
4. HO-4 – Renters insurance to protect possessions
5. HO-5 – a version of HO-3 but covers more losses and depths of incidents
6. HO-6 – Condominium insurance to protect possessions and parts of the structure that are owned by the tenant/condo owner. The homeowners association may have an umbrella insurance to cover parts of the building not individually owned.
7. HO-7 – for mobile home owners
8. HO-8 – Older home insurance designed to make insurance affordable for older homes based on their market value as opposed to a rebuilding cost

Condominiums

If the town home has an association that provides town home insurance coverage for the building, then the town home is considered a condominium. Tenants and owners of the residences must purchase town home insurance under the HO-6 policy that covers condominiums. Insurance for town home under this policy provides for coverage of interior, privately-owned structures.

If the town house does not have an organization that provides insurance for town home buildings or maintenance, then each town home is considered a single-family residence. Under these circumstances, owners must purchase town home insurance policies under HO-3 or other single-family structures. Owners are responsible for liability insurance as well as insurance for town home grounds and property.

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