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.