In order to determine how much condo insurance you need in Dorchester MA, you should plan to look at your condo’s association master policy.
How Much Dwelling Coverage Do You Need?
There are two types of master policies that affect how much dwelling coverage you need. All-inclusive means that the policy insures the exterior and interior surfaces of the unit and you would just need to worry about the stuff you own. Fixtures attached to the wall, such as the shower, cupboards, and toilets, also fall under this master policy. However, improvements are considered a gray area. A bare wall in policy means that everything inside the condo’s four walls needs insurance. This means fixtures and appliances have to be covered by your individual policy. If your condo association has bare walls in the policy then you will need more dwelling coverage.
Once you have figured out what type of dwelling coverage you need you to evaluate your options with an agent at Vargas & Vargas Insurance and discuss what it would cost to recreate your condo in the event a major accident happens. You can use an estimate from your mortgage lender or an estimate from a contractor or architect. Sometimes a mortgage lender will have a requirement for the specific amount of dwelling coverage you should have. It’s important to keep your dwelling coverage updated as you make improvements to your condos, such as a bathroom or kitchen renovation since it would be a higher cost to replace these new items.
How Much Property Coverage Do You Need?
The easiest way to determine how coverage you need for your personal property in Dorchester, MA is by doing an inventory. Be sure that all your valuable items, such as jewelry, are covered.
Contact Vargas & Vargas Insurance to get a quote on condo insurance.