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Condominium Insurance

Condo insurance is a type of insurance that is very much like home insurance or tenant insurance. Condo insurance is a policy that helps a condominium owner in Massachusetts protect their personal belongings.

Condo insurance is a type of insurance that is very much like home insurance or tenant insurance. Condo insurance is a policy that helps a condominium owner in Massachusetts protect their personal belongings. While the Condominium Association often insures the building that a condo is housed in, the actual condo and its contents are not covered under such insurance. Thus, the owner of the condominium in Massachusetts becomes responsible for the additional insurance: insurance that covers the condo and the belongings therein. The Condominium Association buys insurance that often covers the surrounding areas of the building, the actual building itself, and the areas that are shared by all of the condo owners. The purchased condo in Massachusetts is considered a separate unit, therefore requiring additional condo insurance. As a condo owner, you are responsible for understanding what is and is not covered by the insurance purchased by the Condominium Association. You will also be responsible for understanding your own condo insurance and what it covers.

Like homes that require home insurance, condominiums require a certain amount of coverage to protect all that is contained within the condo. While the insurance for a condo is not as extensive as one would purchase for a home, it is a policy that will reimburse a policyholder in the event that their condo or the property within it is damaged. The typical condo insurance policy contains protection for personal belongings and it also provides basic liability coverage: coverage that will protect the condo owner if someone should get hurt at the location in Massachusetts. An HO-6 is a form that a condo owner will have, that includes such protection when condo insurance is purchased.

Before buying condo insurance the condo owner will have to carefully review the Condominium Associations Declaration. This is a document that details what is covered by the Condominium Association’s insurance. Once the declaration is reviewed, the condo owner in Massachusetts will have a better idea of what kind of coverage they will actually require when it comes time to buy condo insurance.


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