What kinds of damage is my Boston condo insurance supposed to cover, and what will my building’s insurance cover? What’s the process for figuring out who pays?

ANSWER:

 Your Boston condo insurance will cover damage that occurs within your four walls, while your building’s policy covers anything that happens outside of them, according to the insurance industry.

If you are a Boston condo owner, you cover the internal structure of your condominium, as well as contents. Your individual policy will generally cover fire, theft, smoke, vandalism, water damage from broken pipes and overflows of toilets, sinks, and dishwashers.

Your building’s policy, on the other hand, should cover everything that is outside your own four walls. And as for determining who pays in the event of damage. Your Boston condo docs / agreement with the building will determine whether your policy or the master building policy or both will cover a claim.

In the event of damage, co-op shareholders should consult their building’s proprietary lease, as it will include language about who is responsible for covering repairs. Both co-op and condo owners who take out mortgages are typically required to take out an insurance policy, according to Investopedia.

Apartment Rental Insurance

Renters, meanwhile, have no such requirement, though it is highly recommended in order to protect you in the event of damage to your own property, and that of your neighbors.

Apartment insurance will cover the tenant’s personal property and any fixtures they have purchased. It should also include liability coverage, so that the tenant is covered in the event of an incident,

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