What Structural Protections Does Condominium Insurance Offer?
Condominium insurance policies offer varying levels of structural coverage. Some policies include very little protection for a condominium’s structure, while others offer coverage for all of the features and finishings in a unit. Still other policies fall between these two extremes, providing coverage for any upgrades that a condo owner has made to their unit.
How much structural protection a condo owner in Worcester, MA should look for depends on the amount of coverage that their condo association’s master policy provides.
For example, “bare walls-in” master condo association policies normally only provide coverage for a condo’s walls. These policies leave it up to condo owners to insure the rest of their units’ buildout. In contrast, “all-in” policies might cover a unit’s walls, fixtures and upgrades — leaving condo owners with few (if any) other structural components to insure.
Who in Worcester, MA Should Consider Getting Condominium Insurance?
Most residents of Worcester, MA who own a condo should consider purchasing condominium insurance. In some cases, condo owners might be required by the terms of a loan to obtain coverage. Even condo owners who aren’t obligated to get a policy, however, may want to. As mentioned, few condo owners could afford to rebuild their unit or replace their belongings if something happened.
Do Vacant Condominiums Need to Be Insured?
In most cases, vacant condominiums should be insured. For, condo owners still have a lot invested in vacant condo units, and they still may be held liable for any accidents that occur within their condos.
Many insurers in Massachusetts offer inexpensive coverage options for condominiums that are vacant. Condo owners can talk with an insurance agent to find out exactly how much coverage for a vacant condo would cost them.