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Condominium  Insurance order in Needham
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Condominium Insurance

Condominium Insurance

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Are you the owner, or soon to be owner, of a condominium, townhouse, coop, or unit in some type of homeowners association? Condominium Unit Owners Insurance protects your interest in the property you own or for which you have responsibility. The association will typically have a Master Insurance Policy, which provides coverage for the common property and shared liability of the entire association, but a condo policy protects your specific interest within the association.

When you buy a unit in an association, you will typically receive from the board of directors a copy of the association documents, declaration, and by-laws. These records dictate the boundaries between common space and private owned property, as well as the restrictions, conditions, regulations, and covenants to which each condo unit owner must adhere. The 'bylaws' will include a description of your responsibilities such as maintenance fees, voting procedures, use of common area, and insurance requirements. The bylaws will be important for you to review with your insurance agent and attorney, since this document will spell out whether you should insure only your contents within the unit, or additionally the fixtures, improvements and betterments, carpeting, tiles, hardwood floor, walls, wall paper, studs, etc.

Depending on your bylaws, you may simply be responsible for your furniture, clothing and personal items, or also the appliances and inner shell of your unit. Not all condo policies provide the same type of coverage. This is why it is extremely important that you work with an insurance agent who is familiar with the nuances and verbiage of the above mentioned legal documents to be sure that your policy is adequately constructed, and your valuable real estate investment is properly insured.

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