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Old 08-14-2012, 08:29 AM
 
64 posts, read 785,525 times
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I live in a townhouse complex, and part of the association fee is supposed to cover insurance for the exterior. Does that mean townhouse owners will pay less for home insurance? How should we determine "replacement cost" for a townhouse?

Comments will be highly appreciated!
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Old 08-14-2012, 08:35 AM
 
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You need to get a copy of the existing information and policy from the association and then talk to your insurance agent and mortgage company to see exactly what kind of coverages you will need. It's so variable and dependent on your individual situation that there is no way for anyone to give you an accurate answer.
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Old 08-14-2012, 09:01 AM
 
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Originally Posted by NJGOAT View Post
It's so variable and dependent on your individual situation that there is no way for anyone to give you an accurate answer.
Pretty much this. Every development is different. *YOU* don't determine replacement cost for the structure of the townhouse, the insurance company does. What you DO determine (working with the insurance company) is the cost to replace things INSIDE the home.
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Old 08-14-2012, 09:17 AM
 
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Thanks for the replies! I just received a copy of the insurance policy of the association. And will be working with the insurance company in the next few days.
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Old 08-14-2012, 09:26 AM
 
Location: Northern NJ
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Pull out your condominium documents, specifically the by-laws. Read the Insurance Requirements section very carefully, which should lay out the Association's insurance responsibility, and yours. Photocopy that section and get it to your agent.

Most associations are required to insure the structure as common area property, along with any common areas such as clubhouses, etc. Unit owners are typically required to insure their own contents, as well as additions and alternations to the unit, which can be very expensive to replace. Some townhouse associations are fee-simple arrangements where each unit owner is required to insure their own part of the structure on a typical homeowners policy, even though they are physically attached.

Rhys
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Old 08-14-2012, 09:34 AM
 
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Also be sure if you've done any upgrades to your unit that they are covered. When we lived in a townhouse, we remodeled the kitchen and bathroom. We were told by our insurance agent that in the event of fire, the policy covered returning those rooms to their original condition (builder grade cabinets, etc.), so we got extra coverage for that.
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