What is a Townhouse or Condominium

Condos/Townhouses: A lifestyle choice that continues to gain popularity
There are about 15 single-family dwellings to every condo, but buyers are pouring into condominiums, presumably for the lock-and-go, low-maintenance lifestyle they promote.

Celia Chen, an economist for Economy.com told American Demographics that condominium prices have now shot above those of single-family homes. Clearly, people aren't buying them because they are cheaper. It's a lifestyle choice, and pundits believe that they'll only become more popular.

From 2005 to 2015, American Demographics projects that all owner-occupied households of ages 55 to 74 will rise 36 percent, an increase of over 8 million older homeowners. According to a 2005 Del Webb survey, 45 percent of "active adults" (those aged 59-70) plan to move upon retirement. The number one reason they cite for moving is that they "want a home with less maintenance."

Guide To Townhouse and Condo Insurance      
While condo/townhouse associations have their own special insurance coverages, equally important is the kind of insurance carried by the owners. Unit Owners Insurance is available to condo/ townhouse owners who reside in an association. There are several key forms of coverages:

Building Property: This covers the unit features that are the owner's responsibility to maintain and insure including wallpaper, flooring, fixtures lighting, cabinets, etc.

Personal Property: Covers items like clothing and furniture. Make sure to buy replacement cost insurance.

Inflation: This automatically increases the amount of coverage by an inflation index.

Loss of Use: This coverage pays certain expenses if a condo is damaged and uninhabitable.

Additional Living Expense: This covers the expenses in excess of what the insured would normally have spent for food, shelter and related items, for the shortest time required to repair or replace your unit or to relocate elsewhere for a certain period of time.