Category Archives: Condo Insurance Master Cover

What You Need To Know About Condo Insurance

People that own condos do not actually own the building that they live in or the land that the building sits on. That is why your Homeowners Association, or HOA for short, carries a master insurance policy that covers the building, and also pays for any accidents that happen outside of the property or in common areas of the property. That being stated, the HOA’s master insurance policy typically does not cover any repairs that are needed inside of your unit if a disaster happens to strike. In addition, the master policy will not cover any liabilities that occur inside of your unit.

If a visitor or third party gets hurt inside of your condo, the liability is your responsibility. That means you are on the line to pay for their medical expenses, and any damages if they successfully sue you in a court of law. To add insult to injury, the HOA’s master insurance policy does not cover the replacement of stolen or damaged personal belongings. In essence, if your stuff is stolen or destroyed in a fire or other type of disaster, you will not be compensated in any manner.  If you feel a bit scared at this point, do not hit the panic button.

The good news is that there is an easy way to protect yourself. You can take out a personal Condo Insurance policy that can cover all of the above. In further good news, personal Condo Insurance In Massachusetts is far more affordable than you may think. On average, it on costs approximately $100-$400 per year. Your particular rate depends upon a few factors. For example, where you live, the construction materials that were used to build your condo, and how much your HOA’s master policy actually covers can affect the numbers.

The coverage options and limits you choose, and of course the deductible amount all factor into the equation as well. So how much condo insurance do you need to purchase? In order to accurately answer this question, you should consult with an experienced insurance agent that specializes in providing condo insurance policies. However, there are a few rules of thumb to give you an idea ahead of time. In order to calculate the amount of personal property coverage you need to replace all of your possessions, simply do a home inventory.

You should also review the HOA’s master policy to see exactly what it covers. For example, some master policies will not cover anything inside of your unit including the plumbing and wiring inside of the walls. Others will cover cabinetry, lighting, and fixtures. It is best to have this information in hand when reviewing your options with your insurance agent. That way you will be able to take out the correct amount of coverage for your particular situation.

In conclusion, it is important to fully understand exactly what you are buying when it comes to insurance policies. If you have any questions, please call (508) 831-0133 to contact an associate at Zawada Insurance. We are happy to walk you through the details of your insurance policies and explain your coverage options. We look forward to helping you with all of your personal and or business related insurance needs now and in the future.

Why You Need a Condo Insurance Master Cover

Condo ownership only includes the living space inside the condominium and parts of the condo building. This is unlike home ownership, which includes the house and the land it is built on. Consequently, the insurance needs of the two homeownership models are slightly different. Just like any other homeowner, a condo owner should have a homeowners insurance. However, condo insurance will only cover people and possessions within condo units whereas the insurance master policy will cover everything else.

Definition of Condo Insurance

Condo insurance only covers whatever is inside your condominium. In most cases, the insurance will cover:

  • Your personal items and valuables against covered losses
  • Your appliances
  • The interior walls damage due to certain causes
  • Liability protection when you are at fault after another person has an accident in your unit or when you’re sued.
  • If you incur legal fees due to a lawsuit or you are responsible for property damage or another person’s injury, condo insurance will also protect you. A condo insurance policy will cover whatever condo association’s master policy will not.

Condo Association Master Policy

    The two types of condo association master policy are

  • An “all-in” condo master policy: It only covers fixtures in your condos like carpets, kitchen cabinets, plumbing, appliances, and wiring. For instance, in case of a fire outbreak, your condo community’s all-in policy will cover many elements within your unit. As a condominium owner, you enjoy a greater level of interior coverage from an all-in condo insurance master policy. Consequently, you will not need to buy much of your own condominium insurance
  • A “bare walls-in” condo master policy: It covers every property in a condo community apart from anything contained within your unit. This means you have to look for another policy for your condo’s countertops, flooring, kitchen and bathroom fixtures among other items within your unit. It is advisable to review this policy to establish what your policy needs to cover. Sometimes it may even cover condominium’s electrical systems and plumbing.

 Association Deductibles

In a given condo community, there are things that are better done by a group of owners than individual owners. Most condo communities have group insurance policies, that, like most of the other insurance options, have deductibles. However, in this case, the owners pay it as a group. All owners will share a condo community insurance master policy. In case the condo community’s buildings are destroyed by floods, wind or any other covered cause, the insurance master policy covers the repair cost.

Zawada Insurance Agency is an independent insurance agency that has been providing insurance products throughout Central Massachusetts and beyond since 1989. We are a second generation, family-owned firm that works for our clients and not the insurance firms. We will connect you with some of the top-rated Massachusetts insurance carriers to ensure you get the best services. Our quality insurance carriers, reliability, and quality of service make us stand out in a crowd of competitors.

For more information on condo insurance master cover, please contact us today.