Massachusetts condo owners must be aware of the limitations of their condo association’s master insurance policy, which covers only common areas and structures in the building. O’Connor & Co. Insurance can provide you with a Massachusetts condo insurance policy to cover this gap and protect your family and belongings.
Condo insurance is often referred to as “studs in” coverage, meaning that it provides protection from interior surfaces inward. Condo insurance addresses several main areas:
- Protection for your personal belongings, including furniture, clothing, jewelry, electronics and appliances. Condo owners should carefully inventory their possessions beforehand. Cash value coverage requires lower premiums but reimbursements are based on depreciated values. Replacement value coverage is more expensive but better for heirlooms and other valuable items. Speak with an O’Connor insurance agent to decide the most appropriate type of coverage for your belongings.
- Repair costs for walls, floor coverings, ceilings, cabinets and other interior fixtures. Some policies can fill in gaps in master policy insurance or help with master policy deductibles.
- Personal Liability insurance against claims or lawsuits if someone is injured or suffers property damage while in your condo unit.
- Hotel and restaurant expenses if covered damage renders your condo unit unusable.
Speak with an O’Connor & Co. Insurance agent to determine the best Massachusetts condo insurance package for your needs.