If you’re planning on buying a condominium now or in the near future don’t forget to factor in the condo insurance. Most of the country, including Massachusetts is currently experiencing a sellers market. That means there are actually more buyers looking to purchase homes then there are homes that are available for sale. This interesting phenomenon is pushing real estate prices up higher and higher. In fact, many house hunters are getting into bidding wars with each other over the same house. When all is said and done a great deal of houses are selling for well over asking price.
In turn, a great deal of buyers are now turning to condominiums because they are now priced out of the single family housing market. The good news is that there are many advantages to buying a condominium or condo for short. First and foremost, there is a lot less upkeep. The condo association is in charge of maintaining the grounds and exterior of the building or buildings. That can save you a significant amount of money in property maintenance fees and some backbreaking work if you’re the type to perform the tasks yourself.
In addition, buying a condo will save you money on your insurance policy. Although you’re still going to need to take out a condo insurance policy that covers the replacement costs of the interior of your unit and the replacement costs of your personal belongings, it’s still significantly less expensive than the policy you would need for a single-family home. So, why do you actually need condo insurance? First and foremost, if your condo is destroyed by a natural disaster, such as windstorm or fire, your condo insurance covers the repairs that may be needed to fix the interior of the unit.
Your condo insurance will also cover the cost to repair or replace any of your personal belongings that were broken or destroyed due to a natural disaster. You will also need a condo insurance policy just in case a visitor to your home is injured while inside of your condo unit. For example, if a visitor slips and falls on your kitchen floor they have the right to sue you in court of law for damages. In essence, you are liable or responsible for those damages from a financial perspective.
The damages may include doctors and hospitals bills, time missed from work that is not paid by their employer, and pain and suffering. The good news is that your condo insurance policy covers those liabilities so that you don’t need to pay out of pocket if a disaster happens to strike or an accident occurs inside of your condo.
If you’re buying a condominium in the Commonwealth of Massachusetts you need to ensure that you have the proper condo insurance policy in place. 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.