If you own a condo, you may not realize that you need condo insurance. Condominium complexes typically have a master insurance policy, but this does not offer you the protection that you may think! It is important for you to understand what master insurance policies cover and the protection that personal MA condo insurance policies will provide you as an owner.
What is Master Insurance and What Does it Cover
Master insurance policies for condominiums typically cover the structure and common areas (i.e. hallways, elevators, exterior). It may not cover all of your internal components such as heating systems, appliances, cabinets, etc. Most importantly, it does not protect your personal belongings such as furniture, jewelry, and clothing. Policies vary, so be sure to request a copy of the master insurance policy for your condo project and review what it does and does not cover.
What MA Condo Insurance Policies Cover
MA condo insurance policies do not cover the structure and common areas of the building, but are otherwise similar to regular homeowners insurance policies. It protects you in cases of theft, fire, windstorm or hail, plumbing water damage and frozen pipes, lightning, vandalism, falling objects, and impact from vehicles or aircraft. It also offers personal liability protection which applies if visitors get injured in your home or if you cause damage to other people’s property. A minimal amount of coverage is typically included for personal belongings. Additional coverage can be purchased for jewelry, electronics, collectible items, and condo improvements (such as a high-end kitchen or expensive appliances).
Cost of MA Condo Insurance and Where to Start
In most cases, MA condo insurance policies are significantly less expensive than regular homeowners insurance. Be sure to ask your independent insurance agent for advice on how much coverage to purchase. Your agent may ask you about the features and upgrades of your condo and the amount of coverage needed for personal valuables. He/she may also ask for a copy of your master insurance policy to verify what is already covered. Going through this important step will ensure that you have the right coverage to meet your needs.