Typically your condo association will insure the building based on one of two approaches: bare walls or single entity. A “bare walls” approach means that the association will insure only the building including walls, the roof, floors, elevators, etc. The association is not responsible for insuring anything inside your unit such as appliances, cabinets, carpeting, wallpaper, plumbing, electrical wiring, etc. In comparison a “single entity” coverage plan means that your condo association will insure the building as well as particular fixtures inside of your unique unit including carpeting, cabinets and appliances. However, it’s important to remember that in both scenarios you are still left responsible for your own personal belongings and possessions.
So how do you determine how much coverage you need from you condo insurance?
When considering the level of security you want to get from you condo insurance, Massachusetts residents must ask themselves:
- What is the association’s responsible for insuring?
- What am I responsible for insuring?
- How much coverage do I need for my possessions?
- Do I have replacement cost or actual cash value coverage for my possessions?
- Are there policy limits for my valuables? Should I purchase more coverage for those items?
- Do I need earthquake or flood coverage for my unit or possessions?
With more than 90 years providing insurance with locations in Dedham, Newton Centre, Marlboro & Waltham you can turn confidently to us at the Anchor Insurance Group for support, professional direction and the right insurance coverage. We can help protect your primary residence with Condo insurance, and also cover second homes, vacation homes, and rental properties.
Let our team of insurance specialists at the Anchor Insurance Group do what we do best by doing the research for you! We simply discuss your coverage and financial needs together to determine what policy will work best, and then we shop our top carriers to find that policy, at the rate you deserve.
Contact Us to learn more about our various coverage options to receive a complete coverage review – as well as your free Condo insurance quote today!