If you’re buying a downtown Boston condo for sale, know that condo insurance is required by your mortgage company and your condo association. It’s also vital for protecting your assets and interests. As such, it is important to ensure that you’ve found a suitable amount of coverage for protecting everyone involved. Following is everything you need to know about reviewing your Boston Midtown condo insurance policy.
Check Out the Condo Association’s Master Insurance Policy
Beyond meeting your lender’s requirements for coverage, you should take a look at the master insurance policy that your downtown condo association maintains. This will give you a better understanding of your own coverage needs. Everything that isn’t covered in the master policy should be covered in your own. This includes any alterations or improvements that have been made to your unit.
Take Stock of Your Personal Items
It’s also necessary to assign a value to you personal items in order to determine exactly how much contents coverage you should bind. Perform a thorough inventory while creating a list of each possession and its respective value. Make sure to account for all antiques, artwork and any other items of high value. Your insurer can tell you whether it will be necessary to bind separate personal articles coverage for these.
Know Your Obligations for Loss Assessment
The final step in the review process is to determine your personal obligations for loss assessment. For instance, when any portion of the condo building is damaged or destroyed by a flood, fire or other event, each unit owner will be charged money for covering his or her portion of the repair or replacement costs. A good condo insurance policy will pay out funds to cover some or all of these fees even though they represent damages that have occurred outside of your unit. If you don’t have this additional protection, ask your current insurer whether or not you can get it.
When purchasing a condo, loft, or penthouse in Midtown, it’s important to work with a reputable real estate agent who can thoroughly explain the entire process, mortgage and insurance responsibilities, and advocate for your best interests from start to finish. For more information or to schedule an appointment, call 617-720-5454 forward to hearing from you.
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