Condo living is a great way to own a growing asset while minimizing your overhead and time investment. While owning a condo can be a breeze, insuring it the right way takes a professional. It’s a great thing you found Berry Insurance. We have a great deal of experience handling Massachusetts condo insurance policies. Your condominium documents will outline what is covered by the master policy as well as what the owner is responsible for within their unit. Understanding how your association has been established will help the team at Berry make sure your investment is sound.
Let’s provide you a real life example. Say one of the units in your condo association is vacant and the heat shuts off. A pipe bursts and water is now flooding the units below it. Depending on how your condo documents are written, either the master association policy would cover the damage to the physical building or your policy would need to cover the damage. See how this is an important thing to know?! And either way your personal items are never covered by the association’s policy. Your condo insurance policy covers things like your clothing, electronics, valuables, furniture and more. Finding the right agent who takes the time to review your exact situation can save you in the long run.
You can purchase protection against loss assessment fees charged by the association. For example, say there is roof damage from a fire to your building and the whole roof needs to be replaced. The association may choose to assess each unit owner for the repairs. If the insured did not have this coverage, they would have had to pay their portion out of their pocket!
If a catastrophic event happens making your condo temporarily uninhabitable, coverage can be purchased to pay for your additional living expenses while repairs are made to your home (this means you won’t have to move in with your in-laws!).
Personal liability coverage is available to protect you against a lawsuit as a result of bodily injury or property damage to others. Personal injury protection can also be included, which is extremely important to have in today’s social media driven environment.
We lived in a duplex that was converted to condo units. The pipes to both units’ second floor bathrooms joined together. Not once, but twice, the pipe blocked in the adjacent unit and backed up into our second floor bathroom, down into our kitchen, and all the way to our basement. Some of the repairs were covered by our Master Condo policy, but not all. Thankfully, my account manager made sure I was properly protected so I didn’t have any out of pocket expenses. - Kaitlyn P.