Condo buyers are often under the impression that they do not need condo insurance since their condo fee includes master insurance. Unfortunately, master insurance does little to protect individual unit owners. If you are in the market to purchase a condo, here’s why you need MA condo insurance.
What Does Master Condo Insurance Cover?
Master insurance covers buildings and shared elements of the condominium. For example, in a building of garden-style condo units, the master insurance covers the building structure including the foundation, support beams, and other essential elements. In regards to the individual units, what is covered will vary. Some policies cover what is referred to as “bare walls-in”. This means that it covers the building structure up to your bare walls. Anything within the walls (such as fixtures, cabinets, and even flooring) are excluded. “All-in” policies are more inclusive and will cover flooring, cabinetry, and basic fixtures.
Why You Need MA Condo Insurance
Since master insurance policies are limited in what they cover, it is important to have a MA condo insurance policy. This will cover all of the features of your condo unit including flooring, fixtures, cabinetry, etc. Should damage occur to your unit due to fire or some other disaster, MA condo insurance will allow you to restore your unit to its previous condition. Without it, you may be personally financially responsible for anything not covered by the master insurance policy. That could lead to a significant cost that you may not be able to cover, so that’s why you need MA condo insurance.
How Condo Insurance Differs from Homeowners Insurance
Similar to homeowners insurance, MA condo insurance covers the home itself plus your personal belongings. Given that a master insurance is in place, condo insurance does not need to cover the entire building but more specifically your unit. Therefore, the cost is generally much less than homeowners insurance. Replacement value is calculated for your condo unit based on its features and upgrades. As for personal belongings, the amount covered depends on the estimated worth of your personal property. You may increase the coverage limit as needed.
Get Started with MA Condo Insurance
Since insurance is property-specific, once you have a property identified, you may contact your MA insurance company for a quote. Have the details of the condo unit ready (i.e. bedrooms, baths, square footage, year built, etc.) as you will be asked for detailed information. Considering combining your auto and condo insurance policies to take advantage of discounts. For an instant estimate, use the MA condo insurance quote tool provided on our website.
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