Condo owners need condo insurance in Boston, MA, to make sure their assets are covered if there’s a crisis, like a natural disaster or burglary. However, most condo buildings have shared amenities, such as a roof, party room, gym, or pool, that everyone can access. Knowing how your policy works is critical, so you know what to do when something happens.
Personal Condo Policy
Your personal condo policy will cover things on your property. For example, many policies will cover damage to appliances, the sidewalk, or things that are considered your property. For example, if you’re responsible for the windows in your unit, you’d need condo insurance that covers them. Otherwise, if they’re owned by your condo owners association, they would cover damage if it occurred. In another example, if the rooftop pool leaked into your unit, your association’s master policy would likely be liable for the damages. It’s important to speak with an agent at Smoller Insurance Agency and your association to understand how your policy’s coverage works.
Typically, your personal policy won’t cover anything that’s shared among owners, such as the common areas like the tennis court or roof. Most condos have a condo association (COA) or homeowners association (HOA) and a master policy that covers shared amenities.
Master COA Policy
The master policy covers shared areas not covered by individual policies. That doesn’t mean you won’t have to help cover the cost, though. Read the fine print in your COA or HOA policy to learn how commonly owned responsibilities, like insurance, cost. Common ways an association will pay for amenities and damages to them include all or some of the following:
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The master’s policy is paid from monthly or annual condo fees (e.g., membership fees).
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Each owner contributes an equal share toward the deductible, after which the insurance policy covers the remaining balance.
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Every owner pays an equal amount to cover the damages.
Speak with your building’s association to learn how the master’s policy and your personal policy work together.
Here at Smoller Insurance Agency, we understand that condo insurance policies in Boston, MA, can be confusing, especially given that every association has different rules. Our experienced agents can help you learn more about coverage. Contact us today!
