byAlma Abell

Obviously the way you insure a home is not going to be the same way you insure a condo. When seeking Condo Insurance in Boston, there are a few things you should consider. Generally you, as the condo owner, are only responsible for insuring a part of your condo. These circumstances will vary depending on the rules of the complex where your condo is located.

Master Policy

Owners of condos are not responsible for the whole complex in which they live. Generally, they own the condo in which they live and then share ownership of the complex with the various other owners. This usually means that you, as the owner, are responsible for the overall safety of things like hallways and stairs in the complex. Usually a condo association is setup to collect dues annually to help with the cost of general upkeep of the complex. As an owner of a condo you have to insure everything in your particular condo in order to be covered. A bare walls in policy covers everything in the structure but does not cover extra installations of things like granite counter tops or walk in showers. An all in policy covers everything including the extras that are installed. These policies should be outlined by the condo association so that the owners will know what type of coverage their dues are going to buy. Browse website for more details.

How Much Coverage

After your association decides on which parts of the condo complex are to be covered, the next step is the amount of coverage to be bought. The amount of coverage should cover any new installations such as new flooring, tile or new roofs. It is wise to estimate high so that your complex will be covered adequately in case of disaster. You can also estimate by considering what half of the market value for the inside contents of the condo would be.

These are just a few things you should think about when insuring your condo and your condo complex. Be sure to speak with an Condo insurance professional Boston before deciding on what type and how much coverage you are purchasing.