What is Condo Insurance?
Condominium owners have unique insurance needs that aren’t quite the same as either homeowners’ or renters’ needs. Condo insurance policies are generally designed to give condominium owners in Massachusetts the level of protection that they need.
Exactly how much protection any particular condominium owner needs depends partly on what coverages their association’s master policy provides. An insurance agent who specializes in condo insurance can help owners find a policy that complements their association's master policy well, without creating any coverage gaps or duplicate protections.
Who in Massachusetts Needs a Condominium Policy?Most condominium owners in Massachusetts should have a condominium policy. Other insurance policies normally aren’t as well-suited for condominium owners, and not having coverage leaves owners dangerously exposed to potential risks.
What Coverages Do Condominium Insurance Policies Offer?
Condominium insurance policies normally make several different coverages available to policyholders. Some of the coverages that a policy might offer include:
- Structural Coverage, which may cover a condominium itself
- Personal Property Coverage, which may cover a policyholder’s belongings
- Personal Liability Coverage, which may cover certain lawsuits
- Loss Assessment Coverage, which may cover certain special assessments
There are many other coverages that policies might provide. An experienced agent can help condominium owners select the ones that make sense for their situation.
Do Condominium Insurance Policies Cover Floods or Earthquakes?Most condominium insurance policies don’t come with coverage for either floods or earthquakes. Owners who want either of these coverages usually have to procure them through separate, peril-specific policies. Insurance agents who help with condominium policies can often also help find these other policies.
Do Condominium Insurance Policies Cover Dogs?
Many condominium policies include coverage for dog bites in their liability protections. Some policies may not offer coverage for dogs, though, and those that do might exclude certain breeds.
Again, an experienced agent can help condominium owners check whether a policy will cover a specific breed of dog that they have.
Do Condominium Policies Cover Valuables?
While most condominium policies include personal property coverage, this coverage frequently limits how much protection is offered for certain valuables. For example, a policy might limit coverage for guns, jewelry, furs, silverware, cash and similar items. Such limits are usually listed in a policy’s personal property section if they exist.
Owners who need additional coverage for valuables may have a few options available to them. Higher limits might be available as an option, or it may be possible to add on a rider. Riders typically offer limited coverage for specific items or risks. Of course, purchasing a different policy is also an option.
What is an HO-6 Condominium Policy?
Condominium policies are often grouped with homeowners policies, and different types of policies in the group have different abbreviations. HO-6 is the abbreviation for a typical condominium policy.
When shopping for a policy, owners might come across other abbreviations. For example:
- HO-32 policies may offer broader protections
- HO-33 policies may cover a unit that’s leased to another person
- HO-35 policies may offer loss assessment coverage