Purchasing insurance is a critical part of the Boston condo buying process. Your homeowners insurance policy is a financial safety net in case of a disaster, so you’ll want to ask a few important questions to make sure you have the coverage you need at a price you can afford.
Imagine that a fire burned your Boston downtown condo to the ground and your Boston condo association policy didn’t pay out enough to rebuild it. That could happen if your condo association coverage — the part of your policy that covers the structure of your condominium — is too low.
Boston condo owners may not realize that on some policies, higher deductibles may not cover claims due to wind, hail, and severe snow storms.
Getting quotes from multiple insurers may help you reduce or eliminate these high deductibles.
You might be unpleasantly surprised by your policy’s exclusions. For example, flood insurance, which is excluded on almost all homeowners policies.
Even Boston condos that aren’t near a body of water could experience flooding during heavy downpours that can cause sever damage.