Condo owners have unique insurance needs given the nature and location of their properties. As owners of individual units and boasting collective ownership of communal property areas, determining which forms of insurance are required can be daunting. While condo association coverage will pay for damages and liability issues concerning the exterior of a condo unit, each unit owner will have to have his or her own individual plan for the unit interior and all of the contents it contains. If you’ve recently bought a condo or Downtown Boston condo for sale, here’s what else you need to know about Boston condo insurance.

How Condo Insurance Differs from Condo Association Coverage

Boston downtown condo insurance is unit-specific. These plans protect condo owners from claims resulting from physical injuries that unit visitors sustain in individual units. This coverage also protects condo owners against theft, vandalism and damages resulting from floods, fire and other unexpected events that occur in their units. It does not pertain to any items or events that exist or occur in shared common areas and it is bound solely in the interests of the condo owner.

Your Lender Requires Condo Insurance

When you purchase a Boston downtown condo with funding from a lending institution, you’ll need to cover this property with sufficient insurance for meeting your lender’s demands. If you don’t bind coverage that pertains to the interior of your own unit, your lender will bind it on your behalf and back-charge you for the related costs. This policy ensures that your lender’s financial interests are always protected and must be maintained throughout the lifetime of your loan.

Life Without Condo Insurance

If you’ve paid off your downtown condo mortgage or if you’ve made an all-cash purchase, you aren’t necessarily required to maintain this coverage, but having a policy still makes sense. Should someone trip and fall, get hit by a falling object or sustain some other injury while in your unit, this coverage will pay for the resulting medical expenses and settlement fees. Condo insurance will also give you fair compensation for all damaged contents and structural harm that occurs in any unexpected and covered event.

Figuring out what’s what before, during, and even after buying a property can be challenging without the right support. At Ford Realty, we help our clients through each step of the process—from finding the space of their dreams to understanding the full obligations of condo ownership.

View today’s dowtown Boston condos

Boston Condos for Sale Near Downtown Boston

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Boston condos for sale near Downtown/Midtown Boston

Back Bay Boston condos 
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Charlestown Boston condos
Navy Yard Charlestown  Boston condos
Dorchester Boston condos
Fenway  Boston condos
Jamaica Plain Boston condos
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Condos around the Midtown area to rent:

Back Bay area condos for rent
Beacon Hill area condos for rent
Charlestown area condos for rent
Navy Yard Charlestown area condos for rent
Dorchester area condos for rent
Fenway area condos for rent
Jamaica Plain area condos for rent
Leather District area condos for rent
Midtown area condos for rent
Seaport District area condos for rent
South Boston area condos for rent
South End area condos for rent
Waterfront area condos for rent
North End area condos for rent
West End area condos for rent
East Boston area condos for rent

Click here: Boston Midtown Condos For Sale.

 

 

Author Profile

John Ford
John Ford
EXPERIENCE

Over the course of 20 years in the Boston downtown real estate market, John represented and sold numerous, condominiums, investment and development properties in Greater Boston and in the surrounding suburbs



In addition to representing Boston condo buyers and sellers, John is currently one of the most recognized Boston condo blog writers regarding Boston condominiums and residential real estate markets. John's insights and observations about the Boston condo market have been seen in a wide variety of the most established local & national media outlets including; Banker and Tradesman, Boston Magazine The Boston Globe, The Boston Herald and NewsWeek and Fortune magazine, among others.



HISTORY

For over 24 years, John Ford, of Ford Realty Inc., has been actively involved in the real estate industry. He started his career in commercial real estate with a national firm Spaulding & Slye and quickly realized that he had a passion for residential properties. In 1999, John entered the residential real estate market, and in 2000 John Started his own firm Ford Realty Inc. As a broker, his clients have come to love his fun, vivacious, and friendly attitude. He prides himself on bringing honesty and integrity to the entire home buying and selling process. In addition to helping buyers and sellers, he also works with rental clients. Whether you’re looking to purchase a new Boston condo or rent an apartment, you’ll quickly learn why John has a 97% closing rate.

AREAS COVERED

Back Bay

Beacon Hill

Charles River Park

Downtown/Midtown

North End

South End

Seaport District

South Boston

Waterfront

Brookline

Surrounding Communities of Boston
Contact
John Ford and his staff can be reached at 617-595-3712 or 617-720-5454. Please feel free to stop by John's Boston Beacon Hill office located at 137 Charles Street.




John Ford
Ford Realty Inc
137 Charles Street
Boston, Ma 02114

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