During the second quarter of 2019, the Beacon Hill real estate market showed signs of greater stability. While the number of available listings was still below buyers’ expectations, sellers became more motivated in terms of price negotiations. In downtown Boston real estate, sales of  Beacon Hill condominium units and Boston high rise condos were brisk thanks to strong demand stimulated by more reasonable interest rates. It’s a good time to go  Beacon Hill condo for sale hunting, and if you’re wondering about insurance payments on your future downtown Boston real estate home here’s what you need to know.

Affordability of Condo Insurance

When compared to the cost of homeowners insurance for single-family residences (SFRs), Beacon Hill condo policies are lower, particularly in a housing market such as downtown Boston, where SFR properties tend to be priced significantly higher than the national average. Even if you purchase a penthouse in a luxury condominium tower in Midtown, the combined costs of the master policy and coverage for the individual unit should be lower than those for SFR homes across many parts of Boston

The Coverage You’ll Need

If you’re financing the Beacon Hill condo purchase with a mortgage, the bank will make insurance a closing condition. In most cases, this includes the master condo policy plus HO-6 coverage for the unit, a combination that offers reasonable protection in case of various losses but not necessarily for every situation. If you have valuable items or plan on renting your condo, you’ll need to inquire about extra coverage. When your loan-to-value (LTV) ratio is close to 50 percent and the master condo policy provides “all-in” coverage, the mortgage lender may only ask for minimal insurance that could be inadequate for your needs.

The Bottom Line of Condo Insurance

Prospective Beacon Hill condo buyers should strongly consider insurance coverage even when their master policies offer some protection in case of damage to the interior. Make sure to ask your insurance agent about the cost of policies that provide coverage for worst-case scenarios, such as a devastating fire, theft, and flooding caused by faulty plumbing. 

When you’re looking to buy a Beacon Hill condo, or any downtown Boston real estate can be one of your best choices. Many of the details involved in purchasing property, such as buying insurance, can be a bit overwhelming, so it’s a great idea to seek help from Ford Realty, a trusted real estate firm with agents who will guide you every step of the way. To get into your dream downtown Boston condo, call one of our friendly agents today at 617-595-3712.

Beacon Hill Condos for Sale

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Author Profile

John Ford
John Ford

Over the course of 20 years in the Boston downtown real estate market, John represented and sold numerous, condominiums, investment and development properties in Greater Boston and in the surrounding suburbs

In addition to representing Boston condo buyers and sellers, John is currently one of the most recognized Boston condo blog writers regarding Boston condominiums and residential real estate markets. John's insights and observations about the Boston condo market have been seen in a wide variety of the most established local & national media outlets including; Banker and Tradesman, Boston Magazine The Boston Globe, The Boston Herald and NewsWeek and Fortune magazine, among others.


For over 24 years, John Ford, of Ford Realty Inc., has been actively involved in the real estate industry. He started his career in commercial real estate with a national firm Spaulding & Slye and quickly realized that he had a passion for residential properties. In 1999, John entered the residential real estate market, and in 2000 John Started his own firm Ford Realty Inc. As a broker, his clients have come to love his fun, vivacious, and friendly attitude. He prides himself on bringing honesty and integrity to the entire home buying and selling process. In addition to helping buyers and sellers, he also works with rental clients. Whether you’re looking to purchase a new Boston condo or rent an apartment, you’ll quickly learn why John has a 97% closing rate.


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John Ford and his staff can be reached at 617-595-3712 or 617-720-5454. Please feel free to stop by John's Boston Beacon Hill office located at 137 Charles Street.

John Ford
Ford Realty Inc
137 Charles Street
Boston, Ma 02114



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