If you own a condominium, you may not know that you need condominium insurance. Condominium developments typically have a master insurance policy, but this does not offer the protection that you may assume. It is critical that you understand what master insurance policies cover and the necessary advantages available with individual Waltham, MA condo insurance policies. This article provides condominium insurance overview in Waltham, MA.
Definition of Master Insurance and What It Includes
Master insurance policies for condominiums normally protect the structure and shared features (i.e. halls, elevators, and the roof and siding). It does not usually protect unit-specific items such as HVAC, appliances, upgrades, etc. Most importantly, it does not protect personal goods such as appliances, equipment, and clothes. Policies range, so be sure to request a copy of the master insurance policy for your condominium condominium to ascertain its scope.
Why Purchase an Added Policy?
Other than not insuring the structure of the building, MA individual condominium insurance is actually like typical homeowners insurance. It usually covers cases of burglary, fire, windstorm or hail, vandalism, debris, and accidents from vehicles or aircraft. It can also provide personal liability coverage which applies if people become hurt in your residence or if you damage someone else's home. A minimal coverage is often included for personal belongings. Further coverage may be purchased for jewelry, electronics, collectible items, and high-end improvements (such as a luxury kitchens or high-end appliances).
Cost of Condominium Insurance and How to Start
A majority of the time, Waltham, MA condominium insurance policies are actually less expensive than general homeowners insurance. You should ask your insurance company for advice on how much coverage you should have. Your agent may ask about the features and amenities of your condominium and dollar value of coverage needed for personal belongings. He/she may ask for the master insurance policy to verify what is already covered. Going through this valuable process will establish that you have the right coverage for your needs.