How does condo insurance differ from home insurance?

Condo living is a great way to break into the housing market. It offers many of the same benefits as traditional home ownership and some additional perks as well. Insuring your condo is very similar to insuring a single-family home with a few unique twists. At Smoller Insurance Agency in Boston, MA, we have the experience you expect from an independent insurance agency. We will help you to make sure your condo has the correct amount of insurance. 

With a condo, you share walls and other parts of the building with your neighbors. These common areas are not something that you personally are responsible for insuring. Your condo has a condo or homeowners association that holds a Master Condo Policy. This policy insures the common areas in your building and in the complex. How far into your unit is covered depends on the type of policy your association has. It is up to you as a unit owner to know what coverage the association has and what you need to have. 

When it comes to home insurance, you are responsible for your entire home. As a condo owner, you may be covered by the Master Policy for all the fixtures in your home, but not for any upgrades you have made from the original basic unit. 

When it comes to personal content and liability coverage, homes and condos within the unit are basically the same. In a condo, if someone is injured outside of your unit, that is the condo association’s problem. 

With a condo, you will also have the option of purchasing loss assessment coverage. If the condo association determines that the roof needs to be replaced, all owners will owe part of the cost. This insurance will protect you from having to pay this assessment out of pocket. 

Contact Smoller Insurance Agency in Boston, MA to discuss your condo insurance needs. 

Make your home inventory list today!

Don’t put off your home inventory list any longer! If there is an accident or robbery, you will need to give your insurance provider this list to guarantee complete coverage on your belongings. This list should include all household items and personal belongings.

Here are some quick tips to get you started:

  • Start simply with a list of rooms you need to work through. Then, head to your first room!
  • Describe each item’s make and model, value, and any other unique factors. Serial numbers are helpful identifiers for appliances and electronics.
  • Save documents like receipts and appraisals for proof of value on more expensive items.
  • Check with your agent to see if you need additional coverage on valuable items like jewelry or collectibles. This could mean an endorsement or an additional specialty policy. More on that here.
  • Consider making a digital record by taking pictures or videos of your belongings. This can save you time and guarantee that you don’t miss an item!

Building this list may take a while, but ensures true coverage.