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Home / Real Estate Information / Home Buyer Tips / Determining If Condominium Insurance Is Needed In MA

01.14.14 Home Buyer Tips, Mortgage Information

Determining If Condominium Insurance Is Needed In MA

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

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Chris Graves

I grew up in Massachusetts, spent the majority of my young adult life in Boston, and own a home in Windham NH. I have owned properties in MA and NH. I specialize in mortgage lending in Massachusetts and New Hampshire and my company does have the ability to lend in other states. I graduated from the University of Massachusetts in Amherst Massachusetts in 2002. I have a Bachelor’s in Science. In addition to managing a team of loan officers my personal loan production is always in the top of the entire of company. I have personally been in the mortgage business for over 13 years. I pride myself with taking my clients from application to close in the smoothest and quickest way possible, while keeping them well informed during the entire process. I originate my own loans from start to finish and work hand in hand with my loan processors & underwriters to make sure I am updated to the minute with all of my files. I stay up to date with lending guidelines and speak with underwriters on a daily basis to ensure I am aware of all of the lending guidelines in place.

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Direct/Mobile: 978-376-5389
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Topics

  • Local Information (61)
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  • Mortgage Information (118)
  • News (22)
  • Real Estate Information (176)
    • Featured Properties (2)
    • Home Buyer Tips (134)
    • Home Maintenance & Repair (12)
    • Home Seller Tips (40)
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Disclosure

Company NMLS 1788.
Licensed by the New Hampshire Banking Department #13092-MB.
Licensed in Massachusetts.
Licensed in Maine.
Licensed in Florida.
Lender and Broker License #MC-1788.
http://www.nmlsconsumeraccess.org
Click Here for Our Privacy Policy

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