Mention the word townhouse and they will immediately think of London and the beautiful Georgian terraced townhouses and squares that are located in the capital city. Obtaining insurance for this type of property, should pose no problem at all, unless of course the property is being used as a second home in which case many insurance compiles will not quote or if it has listed building status which of course will have to be declared to any insurance company as material underwriting information. Almost always built of brick or stone this type of property has achieved iconic status in the United Kingdom and is now popular with not just city dwellers but is being seeing as a sensible construction option to the countries diminishing building plots.
What is a Townhouse?
The definition of townhouses are oddly diverse dependent on what part of the world you are from but historically in the United Kingdom, and in many other countries, a townhouse (literally a house in a town) was the residence of an important wealthy person or member of the aristocracy in the capital or major city. These people would have larger grander houses in the country and the townhouse was simply somewhere they stayed when in town often during the social season. The properties were arranged on several floors allowing for living space by the family and often a number of servants. As in most cities, space was at a premium so these properties were not detached like out of town properties but were characterised by the fact they were identical to their neighbour and shared common walls. it is only in relatively modern times that these buildings have become gentrified and are much sought after by city dwellers.
Construction Methods
In recent years, the townhouses have been enjoying a bit of a renaissance, mainly for the same reasons of space that were behind their introduction several centuries ago. Space is at a premium, not just in cities but the length and breadth of the land. Builders and construction companies are faced with diminished land supplies and what is left is commanding very high prices, thus economic use must be made of what is available. Simply, more townhouses can be constructed per square meter than almost all other property types bar flats and apartments. This flexible multi floored living accommodation is proving popular with many growing families who like the multi floor layout and local planners are also keen as more can be built in smaller spaces.
Insurance for Townhouses
Why are they popular with purchasers, one of the main features of this type of construction is the fact they are generally very low maintenance, often garden space is at a minimum thus long weekends cutting the lawn are dispensed with. The modern townhouse is now constructed over two floors although many construction companies offer a third floor. Often the living accommodation is constructed above a garage. When requesting your townhouse insurance quotation, you will need to provide certain information such as the risk address postcode and the rebuilding cost of the property. The actual rebuilding cost does create a great deal of confusion as it is often mixed up with the selling cost or value of the home. The rebuilding cost will usually be stated on survey and will be the minimum you will be required to insurer for to satisfy your lenders conditions. Keeping adequate insurance place throughout the lifetime of your mortgage loan will be a demand that your lender will impose on you. To satisfy the contract rights act, they will want their interest noted on the townhouse insurance policy.
