Condo Insurance in Massachusetts

What is Condo Insurance?

For many Massachusetts residents looking to purchase a home, a condominium provides an exciting living option. By combining the pride and equity of home ownership with the maintenance and common areas of an apartment, condos appeal to many people as the best of both worlds. Because it is a unique type of property, you need specialized condo insurance to protect your investment.

Unlike a single family home, when you purchase a Massachusetts condominium you are buying your individual unit, while the common areas and exterior are communally owned by the condo association. As such, your personal insurance obligations are limited to the portions that you own, and there is master insurance purchased by the association to cover the other parts of the property. Together, your condo insurance and association’s master insurance should provide comprehensive protection. 

Additional Condo Insurance Coverages

Flood damage will not be covered and flood insurance should be purchased separately. Your property coverage will cover the portions of the structure for which you are responsible, as all as the contents within. If you have expensive jewelry, art, electronics, or other valuables, you should check with your agent regarding coverage limits. Often these items are not adequately protected, and it is advised to purchase extentions to your insurance policy to get complete coverage.

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Getting Started with Condo Insurance

Ideally, your policy will dovetail with the association’s master insurance without leaving dangerous gaps in coverage or duplicating costs. To achieve this, you should work with Roger Butler Insurance Agency, who has tons of experience with this kind of policy. You will need to understand what the master insurance covers, as not all condo associations are the same.

Many master policies have what is called “bare walls” coverage. With this policy, only the exterior of the structure as well as systems inside the walls (such as electrical and plumbing) will be covered. Everything else is your responsibility. Other policies cover “all-in”, which means anything permanent, such as flooring, cabinets, interior walls, and built-in appliance are covered. Once you know what is covered, you can work with your agent to find the right policy for your situation.

Your condominium policy is similar to a Massachusetts homeowners policy and should provide coverage for property damage and liability. Your exact coverage will vary depending on your specific policy, but most will cover property damage due to:

• Fire
• Theft
• Wind and storm damage
• Vandalism

• Falling Objects
• Smoke

• Lightning
• Burst Pipes

Liability Protection for Your Condo

While your association’s master insurance will have liability coverage for common areas, such as stairways, pools, and paths, accidents can still happen within your unit that cause injury to others. Your policy liability coverage will help pay for lawsuit costs, legal settlements, and medical payments if someone is injured within your unit due to your actions or negligence. This coverage may also extend to outside your home to cover situations such as dog bites (make sure to check with your agent on your list of coverages).

Purchasing a condo is an exciting investment for many Massachusetts residents looking to own property without the hassles of home maintenance. However, owning a condo comes with insurance responsibilities that differ from owning a single family home. With a specialized policy, you can have comprehensive insurance that will cover your property and liability, better protecting your home and finances from a variety of situations that may arise.

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