What is Condo Insurance?
Specific insurance for condominium owners, a subset of home insurance, protects your home and property inside of it.
A common misconception among new condo buyers is that the condo association’s master insurance policy covers your personal belongings and the interior of your unit. Some associations cover only the building’s structure, such as the roof and adjoining walls. Some go so far as to include the plumbing, electrical, and sewer systems. Others only protect and maintain the development’s common grounds.
A typical Massachusetts condo insurance policy will cover:
We recommend that every Massachusetts resident living in a condo has a condo policy. Although it’s not required by Massachusetts law, most condo associations will require you to have coverage. When considering condo insurance carriers, it’s important to know what’s included — and what’s not, such as upgrades to internal units including doors and windows, falls, or other accidents outside the condo.
Loss assessment is an optional coverage that you can add on to a home or condo insurance policy. It helps protect you if you’re responsible for a portion of damage or loss in a common area.
With special coverage, perils that aren’t typically covered by property insurance will be covered, such as water damage from a waterbed leaking or a damaged fish tank.
Depending on the carrier, you may be eligible for a condo insurance discount if you bundle it with car insurance. There may also be specific carrier discounts, like an online purchase discount.
There are many factors that may influence a condo policy rate, including:
Value of property inside the unit
Location & size of the condominium
Features in a condominium
Past claims history of the policyholder
The HO-6 stands for coverage for those who own a condo or co-op. It covers your belongings and building structure. Also called additions and alterations, this policy covers changes or renovations to the inside of your unit, finished basement, or the like.
At C&S insurance, we don’t just hand everyone the same list of coverage options. We take the time to get to know you and your insurance needs and determine the best choices for you. We can also review your condo insurance documents and decipher the fine print to help determine what coverages you need — and what’s already covered.
Condo insurance is a type of insurance specifically for condominium homeowners.
Condo insurance is not required by Massachusetts law, but we recommend that everyone has it. Most condo associations will require you to have a condo insurance policy.
Loss assessment is an optional coverage that you can add on to a home or condo insurance policy.
No. Since condo insurance is a type of homeowners insurance, one or the other is sufficient.