If you are purchasing a condo, you may not think that you should buy condo insurance. Condo complexes usually have a master insurance policy, but the coverage is really limited. It is important for you to evaluate what master insurance policies cover and the additional protection of individual MA condo insurance policies will provide you as a home owner. This blog covers information on condo insurance in MA.
What Is Master Insurance
Master insurance policies for condos normally cover the structure and common elements (i.e. halls, elevators, and the siding). It may not insure unit-specific items such as HVAC, unit appliances, kitchen cabinets, etc. More importantly, it will not insure personal belongings such as appliances, jewelry, and clothing. Policies vary, so be sure to ask for a copy of the master insurance policy for your condo complex and determine its scope.
What Individual MA Condo Insurance Policies Cover
MA personal condo insurance does not cover the infrastructure of the building, since that is addressed by the master policy, but is in every other way like normal homeowners insurance. It normally insures against burglary, fire, some types of weather damage, vandalism, debris, and impact involving automobiles or aircraft. It can also include personal liability coverage which applies if visitors get injured in your home or if you damage someone else's home. A low amount of value is normally offered for personal assets. Enhanced coverage may be added for jewelry, equipment, collectible items, and specific renovations (such as a luxury kitchens or appliances).
Cost of Condo Insurance and Where to Begin
A majority of the time, MA condo insurance policies are actually lower cost than typical homeowners insurance. Be sure to contact your insurance company for advice on how much coverage you need. Your agent may want to know the features and amenities of your unit plus dollar value of coverage necessary for personal assets. He/she may ask for the master insurance policy to confirm what is included. Completing this process will confirm that you have enough coverage based on your needs.