Boston Real Estate for Sale in 2021

Loading...

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.

WHAT’S THE CONDO COVERAGE PER SQUARE FOOT?

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.

DO I HAVE MULTIPLE DEDUCTIBLES?

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.

WHAT ISN’T COVERED?

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.

Boston Real Estate and the Bottom Line

The Beacon Hill condo association had another gap in which their coverage that didn’t keep up with current building laws. In this case, they had to bring their fire alarm system up to the present Boston Fire Code as their system wasn’t up to present code.

Boston Real Estate for Sale in 2021

Loading...