Condo Insurance Boston: The What, How, and Why

by | Dec 15, 2015 | Insurance

Residents looking Condo Insurance Boston need protection for their possessions in the event of damage or loss. Most people understand what homeowner’s and renter’s insurance are, and know at least some of the benefits. Condominium insurance is less known but has its own distinct advantages. Below is a brief description of condo insurance, including what it is, how it works, and how to get it.

• A condominium is an enhanced rental space, closer to an individual home or townhouse than an apartment. Like homes, there is usually more space than a typical apartment. Like apartments, facilities including halls, elevators, rec rooms, lobbies, and centralized utilities are shared. Residents share maintenance fees, and rules are usually overseen by a homeowner’s association (HOA). A condo unit can be rented or owned. These facts are key to understanding how condo insurance works.

• Both the HOA and the building owners have insurance, but these benefits usually don’t extend to residents. In most cases, building owners are not liable for damages or loss due to something that happens in a unit. Liability instead falls to the renter. To protect possessions and avoid repair costs, condo insurance is vital.

• If a resident is at fault for any damage to a condo unit, he or she must pay. Condo insurance protects the resident’s finances.

• Condo insurance also covers accidents and injuries to guests. If a visitor slips on a resident’s wet floor, for example, the insurance company will cover medical costs.

• Condo insurance covers a broad range of incidents, including accidents, criminal mischief, fires, floods, lightning, storms, theft, vandalism, water, and wind damage. Policies typically cover both the resident’s possessions and the interior of the unit.

• Residents should Browse Website to find the best prices. Many sites have built-in software called “personal property calculators” to help residents determine what type and amount of coverage they need. These calculators are excellent for price comparison.

Insurance providers like Sawyer Insurance Agency Inc. also help residents understand what coverage is needed and exactly what each policy covers. It is always advisable for residents to create a list of personal possessions and their values before choosing a policy. Once they have done so, a quick internet search and a few phone calls allow residents to find Condo Insurance In Boston easily.

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