Condo Insurance in Massachusetts
Condo insurance is additional coverage that is needed for owners of condos and co-op apartments to bridge the gap between their condominium association policies and provide total protection.
The condo building itself is usually insured through a condo association policy or master policy. This insurance covers structural parts of the dwelling and the shared areas such as the elevator, parking garage, basement, roof, swimming pool, walkways and exterior walls of the building. It however does not cover personal liability, losses from burglary or water damages causing losses.
What Things does Condo Insurance Cover?
Condominium policies cover many of the same items that are covered in homeowner’s insurance that the master policy does not cover. It covers damages from hail, windstorms, smoke, lightning and fire, vandalism, theft, water escaping from pumps, plumbing that freezes, air conditioning and heating system malfunctions that cause damage, broken glass and windows, damage from falling items and damages that occur from a vehicle or aircraft impact.
Condominium insurance policies by Vargas & Vargas Insurance also cover personal liability in Dorchester, MA. If a visitor or tenant should be injured or accidental damages are caused to a neighboring unit this policy covers your personal liability. It usually has a medical payment portion attached to reimburse healthcare expenses to anyone injured on your property.
Condominium policies also cover any additions, improvements, replaced fixtures or alterations that you make to the property. So that in the event of a great loss from a peril that is covered by your policy, you can be reimbursed for replacement costs of your improvements such as updated appliances, new flooring, new kitchen cabinets or more expensive built-in desks and cabinets. You can even be reimbursed for your living expenses that you incur while your condo is being repaired.
How Much Coverage Do I Need in Massachusetts?
In order to determine the amount of condominium coverage you need, you must first study your association policy in full to determine was is excluded from it. Then you need decide the value of your condo so that if it is a total loss due to a disaster, you will be reimbursed to replace the entire unit.
You can add additional coverage in Massachusetts to cover very expensive artwork, computer systems or entertainment systems so they can be replaced at replacement value.
It can be quite a task to decide on how much condo insurance you need. At Vargas & Vargas Insurance in Dorchester, MA, we are here to help you in every way possible to protect your property and belongings. Give us a call or visit us to talk to an experienced representative.