2007-02-04 00:35:39 · 7 answers · asked by tibbits 1 in Business & Finance ➔ Insurance
If your townhouse is under mortgage, the mortgage company may require that you carry homeowner's insurance as a protection for their investment. If you own it outright, as in you have the deed and there are no liens against it, you may be able to drop the homeowner's policy. If you have no insurance however, you also have no protection in case of a fire, flood, natural disaster, etc. If you lose the place, it is just gone, If someone gets hurt slipping on an icy stair or walk in front, you are liable. In the case of a townhouse, you may have an agreement with a neighbore, or neighbors that requires you to have insurance. This is a protection for adjoining townhouses against yours being damaged and causing a loss for them.
2007-02-04 00:47:36 · answer #1 · answered by fangtaiyang 7 · 0⤊ 0⤋
Only if you have a mortgage. If you don't want a mortgage, and don't mind losing everything you have, well, then you can go uninsured just like any homeowner.
The master policy of a townhouse - if there is one - usually only covers "commonly owned areas". For a townhome, that's usually (sometimes) studs on the walls touching your neighbor's walls. It's usually NOT your front and back walls, or any interior.
But you'll have to read the bylaws and master policy to be sure.
2007-02-04 12:14:15 · answer #2 · answered by Anonymous 7 · 0⤊ 0⤋
Only if you want money to be paid to your mortgage company & to you for your loss if your home burns to the ground.
Insurance protects you and your things, there is no way I would not have it.
And most mortgage companies require valid homeowners insurance on properties that they hold the mortgage for.
2007-02-04 09:29:11 · answer #3 · answered by Gem 7 · 0⤊ 0⤋
YES. You need a policy. If you have a mortgage you need the coverage by law in most states.
If you own a condo there is a specific policy for condo owners because in most states the condo assoc is responsible for the outside of the building (structure) and you are responsible for the inside.
2007-02-04 12:13:08 · answer #4 · answered by fighting saints 6 · 0⤊ 0⤋
yes, it is still home-ownership. The homeowners association should still carry some liability, but that would not protect the individual owner of a unit, and they certainly would not cover the contents of a unit.
2007-02-04 08:46:52 · answer #5 · answered by Larry G 3 · 0⤊ 0⤋
They will advise you correctly,
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2007-02-05 01:10:31 · answer #6 · answered by Dolly 2 · 0⤊ 0⤋
if it is paid for.........it's yours......you don't have to buy sh!!....but if something were to happen...........you eat the lose!
2007-02-04 17:59:01 · answer #7 · answered by madmilker 3 · 0⤊ 1⤋