Condo Insurance

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Condominiums are in high demand on the South Coast of Massachusetts and Rhode Island. With their location to urban areas and convenience to shopping and attractions, it’s easy to see why condos are a popular choice for today’s lifestyles. With typically lower maintenance costs than a single-family home, and sought-after amenities such as gyms, swimming pools and walking trails, condo communities offer an active, social lifestyle that’s enjoyable for both individuals and families alike.

You may already know that as a condo owner, you own your unit but not the building it is in or the land it sits on, leaving you with a lot less maintenance and repair responsibilities. But this setup makes securing the right condo insurance for unit owners a bit more complex because your individual Condo Owner’s Policy should be a complement to—and fill in any gaps left by—the Master Insurance Policy that’s in place for the larger condominium community.

This means that two policies are generally needed to fully protect your condo unit. The Master Insurance Policy, which is provided by your condo homeowner’s association, and a Condo Owner’s Policy, which you, as the condo unit homeowner, purchase separately. Knowing the difference between these two types of insurance policies is critical.

Ata BayCoast Insurance, we’ve assisted generations of condo owners, helping them better understand their special coverage requirements so they can select the right condo insurance policy to protect their unit and belongings.

At BayCoast Insurance, we’ve assisted generations of condo owners, helping them better understand their special coverage requirements so they can select the right condo insurance policy to protect their unit and belongings.

Similar to a homeowners policy, your condo owner’s insurance should include coverage for:

• Your dwelling, which means the structural parts of your unit that you are responsible for as the owner.
• Your personal belongings.
• Additional expenses you may incur if you need to temporarily move out of your condo because of a covered loss.
• Legal expenses and medical costs, if you are found legally responsible for injury or property damage to others.
• Medical expenses for a guest injured in your condo, even if you are not found to be at fault.

However, before designing your condo insurance policy, we need to make sure we fully understand and address your distinct coverage needs as a member of a condo community. There are several things we will evaluate, including your condo association’s governing documents. These important materials will tell us:

• What type of Master Insurance Policy your association offers (e.g., bare walls, single entity, or all-in—also called all walls—coverage) so we can provide you with details about what areas of the community are considered common elements.

• What parts of your building and property the association is responsible for covering, and what items are the responsibility of each individual condo owner to insure.

• What your financial responsibilities would be if a catastrophe, such as a fire, break-in, hurricane, or other disaster caused damage either to the common areas of the building or to your individual unit.

• What the deductibles are in the Master Insurance Policy, as well as the rules pertaining to these dollar amounts, so you know how much you could be held liable for if an event like a fire or a burst pipe were to occur in your condo and cause damage to a common area.

By taking this thorough and personalized approach, our team will be able to customize a condo insurance policy that safeguards your investment and helps minimize your financial risk. Our industry professionals will also continue to look out for you and your condo insurance needs long after our initial consultation by monitoring insurance carriers’ rates, making it convenient and easy to do business with us, taking the stress out of filing a claim.

We may recommend you consider one or more of the following additional insurance solutions to broaden protection for your condominium and belongings. We are available to explain each of the following in detail:

• Loss Assessment Coverage
• Flood Insurance
• Water Backup Coverage
• Umbrella Insurance
• Jewelry and Fine Arts Riders
• Unit Owners Additions and Alterations Special Coverage

Let BayCoast Insurance put our industry knowledge and experience to work for you.

Contact us today for a complimentary quote on a new or existing condo insurance policy. We are also available to answer your questions related to any of the personal insurance services and products we offer.

Additionally, we will be happy to look for discounts you might be eligible for, including bundling your car and condo insurance with the same carrier or taking advantage of a first-time condo buyer credit. Our professionals are here to help guide you in building a smarter insurance portfolio to safeguard your homes, cars, boats, and other personal assets.