Getting the keys to a newly-purchased condo may be one of the best feelings in the world for a new owner. However, it’s important to realize that the work is not yet done. Now is the time for owners to be thinking about protecting their investment with a comprehensive insurance policy. Unfortunately, that can be harder than it sounds when an owner doesn’t know what they’re doing. Here are two steps that every new condo owner should be taking in order to find the best Condo Insurance in Boston to cover their new purchase.
Understand What’s Included In The Master Policy
Most condo associations have master policies that cover the building’s basic needs. In many cases, the master policy will provide coverage for any shared areas of the building (such as a laundry room or business center) as well as the walls, ceilings, and floors of each unit. Occasionally, there may be a building with a master policy that will take care of any original plumbing, wiring, and appliances that were in the condo when it was purchased. When residents know what’s in the master policy, they can tailor their coverage accordingly and avoid having too little or too much. You should contact Sawyer Insurance Agency Inc for more information and help.
Figure Out What Additional Coverage Will Be Needed
No matter what’s in the condo association’s master policy, every condo owner will need to purchase additional coverage. Here is a short list of policy coverage types that condo owners should strongly consider adding:
• Floods: Many condo insurance policies only have very limited coverage for natural disasters. If there’s a chance the building could flood, the condo owner needs to ensure they are covered.
• Sewer Problems: Standard Condo Insurance in Boston may also lack coverage for any plumbing system damage. If water or sewage backs up into the condo, owners will need extra coverage to take care of it.
• Loss Assessment: If a common area of the building is damaged, some associations will split the deductible cost among all condo owners. If this turns out to be too much for an owner to pay, extra loss assessment coverage will come in handy.
Condo Insurance in Boston is a necessary investment. For those who have questions about coverage, the agents at Sawyer Insurance Agency Inc. can help. Go ahead and browse the website to learn more about how the right coverage at the right price can help owners preserve both their budgets and their peace of mind.