When buying a condominium, you might not think that you need condominium insurance. Condominium complexes normally retain a master insurance policy, but the scope is actually limited. It is imperative that you evaluate what master insurance actually includes and the additional advantages of personal MA condo insurance policies. This article covers determining if condominium insurance is needed in MA.
What Is Master Insurance and What It Typically Covers
Master insurance policies for condominiums commonly protect the structure and shared amenities (such as hallways, elevators, and the exterior). It does not generally cover dedicated items such as HVAC, electronics, fixtures, etc. Most importantly, it will not insure personal property such as furniture, jewelry, and clothing. Policies range, so you should obtain a copy of the master insurance policy for your condominium condominium to understand what it does and does not include.
Why Obtain an Additional Policy?
Other than not insuring the structure of the building, MA individual condominium insurance is actually like general homeowners insurance. It typically covers cases of theft, fire, certain weather damage, vandalism, falling debris, and accidents involving vehicles or planes. It may also provide personal liability protection for incidents where people become injured in your residence or if you damage someone else’s home. A minimal coverage is normally offered for personal belongings. Increased coverage can be added for jewelry, electronics, collectible items, and condominium improvements (such as a luxury kitchens or high-end appliances).
Cost of Condominium Insurance and How to Begin
A majority of the time, MA condominium insurance policies are actually lower cost than regular homeowners insurance. You should contact your insurance agent for advice on how much coverage to get. Your agent will need to know the size and amenities of your condominium and the value of personal valuables. He/she may request the master insurance policy to verify what is already covered. Going through this valuable step will establish that you have sufficient coverage to accommodate your circumstances. For more information contact Christopher Graves at 978-376-5389 or christopher.d.graves@gmail.com
