Despite the many similarities between being a condo owner and being a homeowner, when it comes to who is responsible for taking care of the property and outbuildings around your respective homes, there are significant differences. Whereas it’s a homeowner’s job to take care of their property, condo owners like you have a Condo Association that manages the common areas of your community, such as sidewalks, pools, parking structures, and landscaping.
In addition, it is your Condo Association – not you – that must have an insurance policy that covers all parts of the buildings and other structures within your community, excluding the individual units. Called a Master Condo Insurance Plan, this policy can include exterior walls, doors, stairways, elevators, storage rooms, trash and recycling areas, attached buildings or structures housing mechanical or electrical equipment, and more.
With two insurance policies in play, there is no question that condo owners have a very challenging insurance process. Because it is critical for you to make sure that your individual and your association’s insurance coverages neither overlap nor leave you with risky gaps in coverage, ABM strongly recommends that you spend the time to understand all the rules, regulations, and statutes of your Association, including the master insurance policy.
Whether you’re about to sign the dotted line for a new condo, or your current insurance plan is up for renewal, or you’re just not confident you have comprehensive condo insurance coverage, our local professionals are here to help you walk through these fairly complex documents. Our knowledgeable team will assist you in determining what the master insurance plan covers, what it does not, and thus, what protections you need in your individual unit policy.
What’s unique about working with the ABM team for all your condo insurance needs is that we not only have over 100 years of experience and knowledge working with condo owners like you, but we are also specialists in Condo Association Insurance. This means that we have a really keen eye when it comes to reading and reviewing master condo insurance policies, and will be able to quickly and clearly identify what you are responsible for insuring versus what your condo association’s insurance plan provides coverage for. There are many reasons why getting this information exactly correct is so important, including ensuring that:
ABM helps condo owners achieve these two goals by providing personalized solutions for your condo, identifying any and all available products that fill in gaps in your coverage, and continuously seeking out innovative insurance products that can be used to protect you and your condo as your needs evolve.
While the condo insurance process can be complex due to the interaction of two distinct policies, it absolutely does not have to be expensive. Whether you’re in a studio condo, a loft, a multi-bedroom unit, or your dream penthouse, the ABM team is skilled at finding quality and affordable condo insurance for individuals, couples and families throughout Leominster, Gardner, Westminster and the surrounding communities of North Central Massachusetts. Contact ABM today for help protecting the most important things and people in your life.
Some things about condo insurance are pretty obvious. For example, we can all agree that it’s very important to have the right level of protection in place before any claims are made, whether for damages to your own unit, or for property damage that you, a family member or a pet may cause to a neighbor’s unit. However, there are many more things that we know can be puzzling when it comes to your condo insurance; for instance, we often say to our condo clients, “What you ‘own’ might be very different from what you are responsible for maintaining and/or what you need to insure.” But, don’t worry, our team is always available to not only explain everything you need and want to know about your individual condo insurance coverages and options, but also to walk you through the key information you need to understand in your association’s master condo insurance policy. While speaking to you in person or over the phone is the best way for us to guide you through the condo insurance process, we wanted to give you a head start by providing some of the basics here.