At Laureate
Insurance, we understand the differences between owning a home and renting. And
when it comes to protecting your town home, it’s important to understand that
insurance for a town home is much different than homeowners or renters’
insurance. We’ve put some information below to help you further understand any
coverage gaps you may have.

Coverage Gaps

Personal property
coverage

Personal
property coverage protects everything in your unit that is not a fixture, such
as electronics, furniture, décor, clothing, books, kitchen equipment, etc.

Additional and
alternations

This
coverage offers protection for the alterations, appliances, fixtures, and
improvements that are part of the building contained within the insured unit.

Personal liability
coverage

Personal
liability insurance protects you and covered members of your household if
you’re responsible for bodily injury or property damage to others.

Master policy deductible
coverage

HOAs
increasingly choose higher deductibles for their master policies, reducing
their premiums while upping the risk to individual owners. In case there is a
loss, this coverage reimburses unit owners for these deductibles.

Special or loss
assessment coverage

This
coverage kicks in when an assessment is caused by a covered peril — for
example, a large storm rips the roof off the entire building, exceeding the
HOA’s insurance limits and sticking you and your neighbors with a huge repair
bill. Every town home owner will have to split up and share of the cost of the
repairs.

Named perils coverage
(flood, hurricane. Wind, sewage)

The
HOA decides if it wants to purchase additional insurance for named perils,
which are not covered by standard HOA master policies. However, in most cases
you can add additional coverage. Let us review your master policy to keep you
protected.