Did you know that condo insurance in Worcester, MA is a policy that is purchased by the owner of a condo unit?  It typically helps pay to repair your unit and your belongings if they are stolen or damaged by certain perils, such as fire or vandalism. Some people are under the impression that their condo is covered by the main Homeowners Association insurance policy. Although that is partially true, it doesn’t cover everything. For example, if the building or common areas are damaged or destroyed, the main Homeowners Association insurance policy will cover the repairs or replacement costs.

However, if your personal belongings are stolen or destroyed by fire, you’re not covered under their main policy. That’s why you need to take out a condo insurance policy that covers yourself and your stuff. FYI, in many cases, the main Homeowners Association insurance policy only covers the repair or replacement for the exterior of the building. So, if a fire damages or destroys your condo, you may very well be responsible for the interior construction costs including fixing or replacing everything that was damaged or destroyed including the kitchen, bathrooms, walls, ceilings, and flooring.

The bottom line is that your condo insurance policy covers what your Homeowners Association policy won’t cover.  Condo insurance also provides you with liability coverage in case a visitor is injured while inside of your unit. For example, if a third party slips, falls while at your home, or your dog bites a visitor, you are covered from a liability standpoint. In essence, your condo insurance will pay for their medical expenses and even covers your best interests if you’re sued in a court of law. So, is condo insurance actually required?

As with homeowners insurance, mortgage lenders generally require you to purchase condo insurance in order to protect their financial interest during the length of your loan. Even if you’re buying your unit in cash, or have paid off your condo, the Homeowners Association may very well require it. Even if they don’t, it’s a smart idea to purchase condo insurance. You certainly don’t want to go out of pocket if a disaster strikes, or a visitor is injured inside of your unit. In addition, If you can’t live in your unit due to a problem covered by your policy, condo insurance may cover hotel bills and other expenses.

If you own a condo in the Commonwealth of Massachusetts then you need to ensure that you have the proper insurance coverage in place. We can help you get the best deal on all of your personal and or business insurance needs.  Please consult with a professional insurance agent that can answer your questions about all insurance related topics. 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.