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Purchasing insurance is all about trust, but we also want to provide you with great information so that you can make an informed decision to protect you and your family. My name is Michael Barbarita on behalf of Robert L. Summers Insurance Agency in Boston. Today I would like to give you some information about the Massachusetts condo insurance policy.
If you own a condo you’re insurance needs are a little different than the traditional homeowner. The Condo Association has what it is called a Master Policy which covers the buildings and the complex, the common areas and the condo’s association liability. Master policy does not cover the union owner’s personal affects in the condo damaged by theft, fire or vandalism. And the master policy does not cover the union owner’s personal liability.
The basic coverage in the Massachusetts condo insurance policy includes a standard $5.000.00 of coverage for additions, alterations or improvements to the unit. There is coverage for personal property damaged in a fire or any other covered peril, or lets say you are not able to live in your residence due to some fire or other covered peril, the policy covers additional living expenses that you may incur above your normal living expenses for two weeks while your living in another location.
You are also protected if you are sued as a result of your legal responsibility for bodily injury or property damage to others. This protection is in affect whether the injured persons are on or away from the insured premises. There is also medical payments coverage to others for someone that has undergone bodily injury as a result of the personal activities of any insured or as a result of the insurer’s location. There are some limitations to this coverage so you need to speak with us to get those details. Medical payments coverage also covers injury, again caused by an animal owned by the insured.
Additional coverage is available by endorsement. For a free quote or more information that you can trust, either fill out the form on our website, click on the links with this video or better yet give Frank Kinney a call at 6175428432.Thank you and we look forward to serving you.
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Many people may make the mistake of thinking that condominium insurance must be just like homeowners insurance. However, this type of coverage is quite a bit different due to the unique situation of how a condo is owned. You must remember that, when you pursue condo insurance, your policy will be quite a bit different, and it will not cover the same things as a homeowner’s policy. While homeowners insurance covers everything to do with the home and the property, this is not true of the policies to cover your condominium.
There are three main steps you will need to take before you make any policy purchase for your property. If you follow these three steps, you can then make sure you get the very best insurance coverage for your condominium.
1. Research the coverage offered by your condominium association. You may not realize it, but the association policy does not cover everything to do with your own unit. Before you decide any policy that you need to purchase, make sure you know all of the details of your association.
Generally, the coverage offered from the association is designed to protect the specific physical location. It will cover your condominium structure if it were to be damaged or destroyed. It could also cover some minor things within your condo, like carpets or other floor coverings.
What your condo association will not cover are three major areas: personal property, physical injury, and liability. Basically, if something happens to your condo and your furniture and other belongings are destroyed, they will not be covered in the association insurance. In addition, if you are someone else is injured in the event, the healthcare will not be covered by the policy of the condo association.
You will need to know exactly what is and is not covered by your condominium association policy before you begin choosing and purchasing your own insurance.
2. Make sure you understand the importance of liability coverage. When you own a condominium, this coverage is extremely important, and you will need to make sure you are properly covered. Why is this?
If there is damage to other parts of the condo building that was caused by you or something to do with your unit, then you could be held liable. This could include things to do with water pipes and flooding as well as other accidents and issues. Without the proper liability coverage, you could end up being held personally liable for the repair costs accrued.
3. Consider the extras that you could include in the policy. While the policies mentioned above are vital, there are some extras that you may want to think about. These could include coverage in the event of an earthquake, natural calamities policies, or floater coverage for any precious items you keep within the condo.
While these extras are by no means required, they should be things that you consider purchasing. In order to determine which extra coverages you will need, think about where your condominium is located and what items you will be keeping at the location. You can do research to determine what natural disasters the area is prone to. You can also make a list of the items you will be keeping in the condo.
You may want to keep a list of the expensive items that you will keep at the condominium and give the list to the insurance company. This way, if you choose to purchase floater insurance, there will be no dispute over covering the precious belongings.
When you purchase your condominium, you must remember that the insurance is quite different from other types of insurance policies. In order to make sure that you and your condo are properly covered, you will need the right insurance policies. Make sure you follow the above three steps, and make sure you do the needed research in order to determine what you need out of your policy.
Above all else, you will need to understand the difference between what your condominium association will cover and what they will not. Many people assume that everything is protected by the association’s insurance. This is not true, and you will need to purchase your own policy to make sure you are protected from damage, injury or liability.
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Condominium insurance contains elements of basic property protection as well as liability coverage. Most condominium coverage plans are designed to supplement the coverage that is offered by your condominium association. While condominium association coverage generally covers common areas and the basic structure of the building, you need your own condominium insurance to protect your personal investment.
Condominium insurance is available from the same vendors who offer home or renter insurance. Specialty providers also offer coverage in dedicated plans. You may even find that coverage is available on a group plan through your condominium association.
To find the best condominium insurance for your personal needs, it is best to get multiple quotes. You will find that condominium insurance features can vary, as do prices for coverage. Thus, your best bet is to shop around and read policy details carefully to ensure you are getting the best coverage.
Information Needed For A Condominium Insurance Quote
To get a condominium insurance quote, you need information about both your unit and the overall structure. While the overall structure should be covered by your condominium association plan, it is still of interest to insurers. You should be able to say how many units are in the building, when it was built, and approximate the distance to the nearest police or fire station.
For your unit, you should have your date of purchase, number of previous owners if applicable, and the size of the unit. If you have made post construction improvements to the unit, such as new flooring or custom cabinetry, share this information with the underwriter. In this way, you can ensure that your policy reflects the true value and nature of your condominium.
Common Condominium Insurance Policy Features
Condominium insurance policies offer protect for the contents of your unit and also for potential liabilities and contingencies from the building. The most common condominium insurance policy features are:
- Personal liability coverage. Though your condominium council should have common liability coverage for shared spaces, your personal condominium coverage protects you against liability in your unit.
- Improvements and betterments coverage. This coverage protects you after you have made additions or improvements to the original unit design. This will reimburse you in the event of a loss for upgrades, remodels, and special features specific to your unit.
- Contingent coverage. This is coverage that kicks in if your condominium association coverage is insufficient to meet a loss and you as an individual condominium owner are held liable along with the other unit holders.
- Loss assessment protection. If your condominium association takes a loss and chooses to spread that cost, this coverage will cover your portion of the tab up to a fixed dollar amount.
- Personal property protection. This coverage protects your personal belongings stored in the condominium.
- Alternative living coverage. If your unit become uninhabitable, you can use this coverage to offset the cost of alternative living arrangements until your unit is repaired.
Condominium Insurance Discounts Available
Discounts on condominium insurance are available if you bundle coverage, install safety features, and meet certain age requirements. These discounts can be combined in some cases for even greater savings.
Bundling discounts are offered if you have multiple insurance policies with one carrier. For safety features, alarm systems, fire sprinklers, and security cameras all help you with discounts. You may even get discounts for features inherent to your building, such as a security guard.
If you are 55 or older and retired, some companies offer discounts to you if the condominium is your primary residence. You may need to provide some documentation of this to earn the discount.
Condominium Insurance Exclusions To Note
Although condominium insurance policies are supposed to fit in with existing association policies, between the two there may still be exclusions to be aware of as you think about protecting your investment. The most common exclusions are related to flooding and other natural disasters which may require special supplemental coverage to protect your home.
Acts of war or terror are also generally excluded from your policy. This includes nuclear explosions for any reason. Naturally, while there is little you can do about this, at least you will be aware of your rights should that eventuality occur.
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