Townhouse Condominium VS. Apartment Condominium Insurance Coverage: The Same but Different

The insurance policies of apartment-style condominiums and townhouse condominium communities are similar, as they both include the coverages required by the Condo Act. However, there are differences that can be found on the declaration pages of the policies. For property coverage, townhouse condos may have higher rates due to the different construction type, and their limits may be lower than larger apartment buildings. Contents coverage may be separate for apartment buildings but not as common for townhouse communities. Water damage deductibles are typically higher for apartment buildings due to higher payouts from stacked-housing water losses. Rental income coverage is important for both types of condos to recoup lost rents. Boiler and machinery coverage is often necessary for both types of construction to repair essential equipment. Liability coverage is essential for maintaining a safe environment, and larger corporations may require higher liability limits. Each condominium corporation is unique, so a thorough review of the insurance policy with a knowledgeable condominium insurance broker is crucial.