Eagle Ridge Condos | The Hamlets in Winter
What's the difference between a condo and a townhouse?
GREAT QUESTION! It basically has to do with the "type of ownership".
The following explanations are excerpted from: www.homeguides.sfgate.com
The difference between townhouse and condo insurance deal with how the properties are owned. A townhouse is legally different from a condo in the way owners hold title to the land beneath their units. Typically, townhouse owners own the land beneath their units, while condominium owners own the air space in their units and own the land collectively with the other condo owners in the complex.
Townhome Insurance: 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 and requires a separate rider. 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.
Condo Insurance: Covers the buildings and the land on which the complex sits on and is carried by the condominium association, not the individual condo owner.
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