Not sure whether your place is a townhouse, a terrace or a duplex? It could make a difference to your insurance premium so it pays to get it right when you are getting a quote.
Here is some guidance from our friends at IAL Insurance.
- Freestanding House – A House separate from other properties, with no shared walls.
- Townhouse – A residence that is part of a development of similar residences in the same complex, often part of a Strata Plan and can sometimes be referred to as a villa.
- Terrace – One of a row of multi storey residences (usually identical) that all share a wall but with separate house and land titles.
- Apartment/Flat/Unit – A residence in a larger building that’s one of a number of similar residences in the same building, often part of a Strata Plan.
- Semi Detached – A residence which shares one common wall with a similar residence on separate house and land titles.
- Duplex/Triplex/Quadplex – Adjoining residences with common walls and on separate titles. If owner of whole duplex/triplex/quadplex on same title then quote as owner block of flats/units/apartments.
- Block of Flats/Units/Apartments – You own a whole block of similar residences that make up an entire building and rent out the individual units to long term tenants with Rental Agreements.
- Granny Flat – Self-contained accommodation either part of a house or on the same land title.