Did you know that each and every Condo Association in Worcester must have a Master Condo Insurance policy in place in order to protect their property, liability, and board members from unexpected events? In essence, your Worcester, MA master condo insurance policy protects the association, its board members, and any individual owners responsible for maintaining common areas of the building against damage caused by fire and or other perils. The policy can also cover loss of income due to destruction or damages that occur from those perils.
The bottom line is that your Worcester, MA master condo insurance policy is a type of property insurance that covers the physical structure of your condo complex. It also covers the physical structure of the common areas. Both the property and liability coverage it provides protects the interests of the association and the unit owners. In addition, your Worcester, MA master condo insurance provides protection for your condo association for being held liable for any property damage and or personal injuries that happen outside of the building or the common areas outside or within the building.
In essence, the Worcester, MA master condo insurance policy provides liability coverage if guests are injured in common areas like the pool, the clubhouse or even a stairway located within one of the buildings. That being stated, individual condominium unit owners should have their own homeowners liability coverage in order to protect themselves if a guest or visitor becomes injured when inside an individual unit, as that does not fall under the master policy. It should be noted that your Worcester, MA master condo insurance policy has coverage limits just like any other type of insurance policy.
That means when the limits are exceeded, the individual unit owners are typically responsible to divide any out of pocket related expenses. For example, if a fire to the clubhouse causes $1.5 million of damage and the Worcester, MA condo insurance master policy only covers $1 million, the individual until owners divide the $500,000 in overage. That may not have a huge impact if there are numerous individual units, but if there are only 50 units that equals $10,000 per individual owner. That is exactly why it’s so important for both condo association members and individual unit owners to fully understand their Worcester, MA master condo insurance policy terms.
If you own a condominium in Worcester, MA or surrounding areas 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.
Please call (508) 831-0133 to contact an associate at Zawada Insurance to walk you through the details of your Worcester, MA master condo insurance policy 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.