Although upon visiting an attached single family residence you may think they look the same with separate entrances, no neighbors above or below, attached garages, etc. the difference in the legal description of each property might not be obvious. One of them might be described as a townhouse while the other is a condo. These terms are used loosely but there are differences. In a true townhouse you own the land that the home sits on. Because of this you would need true homeowner’s insurance, even if the exterior is maintained by your association. You would need to insure your share of the structure.

Condominium is a form of ownership. In a condominium you own your unit but the association owns all or part of the exterior walls as well as the land your unit sits on. You are part of the association and so you are one of many owners. Typically you would need insurance similar to renters insurance since your monthly dues actually pay to insure the buildings.

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