J.R. from Middlesex County writes: Dear Mister Condo, I had water damage in my condo from my washing machine. Condo Association Insurance A condo requires a special master insurance policy to protect all of the owners shared or common areas such as walkways, stairs, pools and the exterior of the buildings. We try our best to keep things fair and balanced, in order to help you make the best choice for you. The Master Condo Policy or Condo Association Insurance is the insurance policy that is held by the homeowners or condominium association. The information listed on a certificate of insurance may be difficult to understand so we recommend consulting your insurance agent for explanation and clarification. A homeowners association or perhaps a condominium board will generally control the grounds and the property. Property coverages may protect common areas from damage caused by perils such as fire, vandalism, and wind. This type of policy does not include coverage for structure of the building and is typically found in townhome communities.Though you may come across different naming variations of how these master policies are referenced, the most important information is the specific coverage language within the master condo certificate of insurance and condo bylaws. A condo community insurance master policy with a $5,000 deductible and 20 owners would cost each owner $250 per deductible payment ($5,000/20 = $250). However, this does not impact our reviews and comparisons. Condo master insurance, or condo association insurance, is the policy that your condo association has in place to cover the building, all of the common areas, and other shared spaces. Condo Master Policy in New Hampshire What is a Condo Master Policy?
Its premium comes out of your maintenance fees or association dues. This includes both limited common areas and general common areas – two subjects covered more in-depth in our Condo Common Areas and Responsibility article. However, because your condominium is also covered by your condo community's master insurance policy for certain elements, your insurance needs are different. Condo master insurance policies provide a mixture of property and liability protections.
J.R. from Middlesex County writes: Dear Mister Condo, I had water damage in my condo from my washing machine. Additionally, master policies include liability insurance that covers claims against injuries in common areas such as hallways or elevators, so you won't be liable if guests are injured in those areas.Personal items in your condo should be insured for total replacement cost, rather than actual cash value. Most condo master insurance policies break down into two types:There is also a much less common type of condo master policy that only includes coverage for the common areas such as walkways, parking lots, and other shared spaces.
As an example, consider what your ten year old TV is worth as opposed to a brand-new Plasma high-definition version.Be sure to include liability coverage in your condo insurance. I called my personal homeowners policy and they inspected and quoted $8000 worth of damage. We always recommend reaching out to your insurance agent for a comprehensive review of your coverages to ensure you are properly and adequately covered.All of the ins and outs around condo insurance protection.A deeper look into flood insurance and its benefitsFinancial protection in the events of legal responsibility and more. Web-based Property Management System. In most cases, liability coverages will help pay the legal fees and any …
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