You’re buying a condo in Massachusetts or you already own one…do you know where your insurance coverage is coming from?
If you’re buying a condo on the South Shore or in Plymouth County and have a loan, your bank or mortgage company will be looking for verification that the unit is insured. They usually are satisfied with a binder (insurance verification) from the “Master Policy” which is purchased by the condo association.
But be warned: That’s never all the insurance you need.
The master policy is then governed by Condo Association Documents (Condo Doc’s) and a master deed. These describe in great detail where common property starts/ends, where your property starts/ends, responsibilities of owners/condo board members and how/what the master insurance policy is going to cover in case of a loss.
The term “all inclusive” in the master policy means something different depending on the condo association, and you could end up underinsured if you don’t carefully read the condo docs. No matter what, the master never will cover your personal property, your personal liability or loss of use or rent if you own a condo and hold it for rent.
In other words: You probably don’t have the coverage you think you do.
And if you went from renting to owning a condo, you might think renter’s insurance is enough to keep you covered, but condo insurance is a more complicated animal. There are many details to check and verify before a policy is written.
Feeling overwhelmed? Atlantic Insurance will guide you through the process of having the right coverage for your condo. We will detail the coverage options that meet your specific needs allowing you to make an educated decision about what’s right for you and your condo and making sure you will never find yourself taken off guard.
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