Whether you own or rent property, experts agree insurance is an important investment to protect your finances in case of fire, theft, accidents, and other losses. The type of insurance you need is dependent on the type of property you own. For MA condo owners, this means purchasing specialized condo insurance.
Condos are a special type of property. Condo owners enjoy the equity and pride of home ownership without the headaches of maintenance and upkeep. In MA, this means not having to worry about clearing snow in the winter, or mowing unruly lawns in the summer, making it an ideal living option for many seniors, professionals, and families. Many condos also offer popular amenities such as pools and gyms. However, special properties require special insurance. Condominium insurance can provide important protections for your home as a crucial piece of your massachusetts insurance coverage.
Condos are typically part of an association that is responsible for the upkeep and maintenance of the condo units. Condo associations are also responsible for obtaining insurance for the portions of the property that are communally-owned, including building exteriors, pools, gyms, and other common areas. This master policy directly affects how much insurance you need for your individual unit.
Bare walls policies only cover the exterior structure of your condo unit, and sometimes may include plumbing and wiring. Everything inside, including fixtures and appliances, are your responsibility.
All-in policies cover more areas, typically including the exterior, interior walls, fixtures, appliances, carpets, plumbing, and wiring. However, improvements that you make to your unit will not usually be included.
Ideally, your individual condo policy will be designed to seamlessly mesh with your condo’s master policy. It consists of both property damage and liability coverage to provide comprehensive protection for your home in case of:
Your property damage policy can cover the cost of repair or replacement for your personal possessions, furniture, appliances, and other items inside the condo not insured under the master policy. You may need additional coverage for expensive electronics, jewelry, and artwork. Also, if someone is injured on your property, your liability coverage may help to pay medical expenses, lawsuit fees, and other related costs.
Most condo policies also include loss of use coverage. If your condo is damaged to the point that you must temporarily relocate, this coverage can help pay for additional living expenses while repairs are made.
Owning a condo is an excellent living option for many Massachusetts residents. Without the worry of upkeep, snow removal, and other chores, owners can enjoy amenities and build equity in their home. However, it’s important to properly insure these unique properties. By working with an agent experienced in condo insurance, you can design a policy that provides full protection for your condo.