The Herald’s Nena Groskind answered a question from a reader, today, regarding homeowners insurance, and what it covers, and, more importantly, what it doesn’t cover.

When you buy a condo, if you get a mortgage loan, the bank will require you to show proof of insurance.  Proof of master insurance.  Meaning, the common areas are covered by insurance.  However, the master insurance policy does not cover the interior of your unit.

You need to have your own insurance policy.  Trust me.  I had a friend who lived in the basement of a five-story condo building.  There was a fire upstairs.  Water seeped through, all of his furniture was destroyed, as were all appliances.  And the flooring.  And the walls, for that matter.

Master insurance covered the repairs to the walls, the floors, and the appliances.  (Of course, the insurance only covered replacing with low quality fixtures.  Other owners upgraded, but it was out of pocket.)  My friend had his own insurance, which covered replacing destroyed furniture, beds and bedding, etc.

Complete article: A condo with a flood of woes – by Nena Groskind, The Boston Herald

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Updated: January 2018

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