Condo Management Boston: Insurance
Living in a condo is quite an experience for single families. It helps them build equity and does not force them to do any yard work. Like all other places of accommodation, a condo also requires insurance. It is essential to get condo insurance because it helps you protect your investment. However it is slightly different from your regular home insurance policy. These are the factors you need to think of before you sign up for Condo Insurance.
Condo owners are required to pay the homeowners association fees to help pay for the maintenance of the building. This includes the exterior, the swimming pool (if there is one) as well as the fitness area. The only way to protect your condo is to get a condo insurance policy which is also known as an HO6 policy.
Normally a Condo Insurance policy includes:
Personal property: This means that all the possessions inside of your condo such as furniture, electronics and clothes are covered.
Personal liability: If someone is injured in your condo and you are the subject of a lawsuit, this should help you. In the event that you accidentally injure someone away from your condo or damage their property, this still kicks in. However you are not liable for anything if this happens in the common area as the HOA policy kicks in.
Building property protection: This is the part of the policy which covers interior features such as walls, fixtures, cabinets and other structural items.
Loss of use: If there is a covered loss which makes your condo uninhabitable then this helps you with the additional living expenses.
Medical payments: If someone gets injured on your property, they can get medical expenses you’re your condo policy. This also protects you from theft, vandalism, fire, wind, lightning and more.
Insurance for Floods and Earthquakes
Do remember that condo insurance does not include any coverage for floods and earthquakes. You need to get separate coverage for it through the National Flood Insurance Program. It is important to get additional coverage for an earthquake as it will help you to protect your possessions and the interior of your coverage. This is one of the most important aspects of Condo Management Boston.
How to find a policy
The best way to find a good policy is to look around in the market with different insurance companies. It helps to look at the bigger picture when you are looking at their coverage options and claims processes. Make sure you ask your friends and family for their opinions as they may have some nuggets to share with you.
It also helps that you can get some discounts especially if you buy condo and auto policies from the same provider.
We hope you liked our guide “Condo Management Boston: Insurance”.