Condo insurance in Massachusetts won’t cover the outside building, as that is what your HOA insurance coverage will protect. Instead, it will cover your belongings and your liability risk. Just like with regular homeowners insurance. You will be covered for fire, many types of weather, theft, and vandalism. However, it’s important to note that not everything is covered. Just like with homeowners insurance, you will need a separate policy for floods.
Your liability coverage is to protect you in case someone is injured on your condo property. Your liability coverage should protect your assets. Some of the contents that can be covered include furniture, appliances, electronics, clothing, jewelry, and artwork. There are certain limits to valuables, such as fine art, antiques, and jewelry, so it’s important to make sure you have enough coverage for these items.
It’s a good idea to look at your condo policy first to determine what level of protection you need. All-in or all-inclusive policies will cover the exterior and interior surfaces, which include fixtures, installations, and additions. The condo owners are still responsible for their own belongings. Specialty entity coverage will insure the fixtures in the unit but will not cover any structural improvements or unit additions. Bare walls in insurance will only include the bare structure of your condo, and you will need to insure your condo’s interior contents, including the bathroom and kitchen fixtures. Your agent at Titan Insurance LLC can help determine your coverage needs.
Condo owners in Massachusetts may also want to consider loss assessment coverage, which helps pay for items related to the condo association and other incidents. Some of these claims include weather damage to the outside, injuries in common areas, and damages to common areas. If the claim is more than the insurance limits of the condo policy, then the condo owner may have to pay out of pocket. There are also losses that are not covered by the insurance policy, such as pool injuries.
Contact Titan Insurance LLC to get a quote on condo insurance and to learn more about coverage. Our agents are ready to answer your questions.