Procuring Cheap Townhouse Insurance

Between your belongings and the townhouse in which you house them you have the most valuable assets.  It stands to reason that you’d want to insure both to protect yourself financially against any possible future damages.  Here are some tips on how to get cheap townhouse insurance while keeping in mind you will be paying for two policies:

1. The Master Policy - Check with your townhouse association to see if they have a master policy or not.  If they do, find out what it covers.  Usually they cover your building’s main structure (floors, walls, and ceilings) as well as common areas (basements, elevators, storage areas, and basements).

2. Your Personal Policy - Over and above the association’s master policy you should have your own policy to cover those things not included in the master policy.  These can run from your appliances and carpets to plumbing, electrical wiring, and fixtures.  You will find that a personal condo policy will also include the following:

• Personal contents coverage - covers things such as computers, clothing, kitchen items, small and large appliances, linens, furniture, jewelry, tools, sporting equipment, books, CDs, DVDs, furs, and so on.  You may need to take out another policy for collectibles, jewelry, art, and furs if yours are worth more than the maximum included in the policy for these items (usually $1000 - $3000 total.)
• Assets coverage – this includes personal liability insurance in the event you are sued for damages due to an injury on your property.  It is a good idea to have this as it will cover you for court costs, attorney fees, settlement amounts, and/or medical costs.  A standard policy will include $100,000 to $300,000 in coverage but if you think you might need more or you want to be sure that you’re totally protected then you can pay more to have higher coverage.
• Living expenses – in the event your townhouse is damaged to the point you can’t live in it your insurance will pay for alternative accommodations and a living allowance for the duration you can’t stay in your home up to a certain amount per day or in total.

Inexpensive Townhouse Insurance

If you’re new to townhouse insurance or have never compared policies you may be surprised at how much variance you can find in the cost of coverage.  The best thing to do with any insurance search, and townhouse insurance is no exception, is to compare costs.  You can do this quickly and easily by consulting an insurance comparison site online.  You’ll have access to multiple quotes from a variety of insurers.  The more quotes you obtain, the more you’ll be likely to find a good deal that meets all of your needs and fits well within your budget.