When buying a condo, you may not think that you should buy condo insurance. Condo complexes generally retain a master insurance policy, but this will not give the coverage that you may assume. It is very important that you understand what master insurance actually covers and the additional protection available from personal Waltham, MA condo insurance policies. This article provides determining if condo insurance is needed in Waltham, MA.
Overview of Master Insurance
Master insurance policies for condos usually cover the framing and shared elements (i.e. hallways, stairways, and the siding and roof). It does not usually protect dedicated items such as heating and AC, electronics, kitchen cabinets, etc. Most importantly, it does not insure personal goods such as appliances, equipment, and clothes. Policies vary, so be sure to ask for a copy of the master insurance policy for your specific development to ascertain its scope.
What Personal MA Condo Insurance Protects
MA individual condo insurance policies do not cover the structure of the building, since that is covered by the master policy, but is otherwise similar to typical homeowners insurance. It usually insures against theft, fire, specific weather damage, vandalism, debris, and impact involving automobiles or aircraft. It can also offer personal liability protection for incidents where people become injured in your home or if you damage someone else's home. A low amount of coverage is typically included for personal belongings. Additional coverage can be added for jewelry, electronics, collectible items, and condo improvements (such as a luxury kitchens or high-end appliances).
Cost of Condo Insurance and How to Begin
In most instances, Waltham, MA condo insurance is actually less than general homeowners insurance. Be sure to contact your insurance agent for guidance on how much coverage you need. Your agent may want to know the square footage and upgrades of your unit and what you have for personal valuables. He/she may also request a copy of your master insurance policy to confirm what is included. Going through this valuable process will establish that you have sufficient coverage for your needs.