Photo of the exterior of a condo complex

Condo Insurance

It’s Time to Find Affordable Insurance Solutions

    Why You Need Condo Insurance in Addition to Home Insurance

    As a condo owner, you likely already know how important it is to have proper coverage in place. You need to protect yourself and your property, whether it’s for  your own unit or damages caused to a neighbor’s unit. However, it can be difficult to distinguish what you are personally responsible for as a homeowner, and what’s covered by your Condo Association.

    We often tell our clients that what you own might be different from what you’re responsible for maintaining. It’s important to know the difference — although those differences are not always clear. That’s why our expert team is available to answer questions about your individual condo insurance coverage. We’ll also answer any questions about your association’s master condo insurance policy.

    Perhaps you’re about to buy a new condo or your insurance plan is up for renewal. Or maybe you’re just not confident you have comprehensive condo insurance coverage. No matter what, our team is here to help you find the right solution. Our agents have lived and worked in North Central Massachusetts for many years. We are committed and attuned to the needs of our community. This is why you can trust us to help you make the best decisions for your condo insurance.

    What we Offer at Anderson, Bagley & Mayo

    The ABM team has over 100 years of experience and knowledge working with condo owners like you. And what makes us even more unique is that our agents 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. We will be able to clearly distinguish between what you are responsible for and what’s covered by your Condo Association. We’ll make sure that you won’t:

    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. We work with individuals, couples, and families throughout Leominster, Gardner, Westminster and the surrounding communities of North Central Massachusetts.

    Contact us today so we can help find the best condo insurance solution for you.

    Frequently Asked Questions (FAQs)

    What makes condo insurance different from home insurance?

    Home insurance and condo insurance do contain certain similarities. But there are  also distinct differences. It comes to who is responsible for taking care of the property and outbuildings around your respective homes. For homeowners, it’s their job to just take care of their own property. For a condo owners, like you, your Condo Association manages the common areas of your community. This includes sidewalks, pools, parking structures, and landscaping.

    It’s your Condo Association – not you – that must cover all parts of the buildings. This policy is called a Master Condo Insurance Plan. It includes exterior walls, doors, stairways, elevators, storage rooms, trash, and recycling areas. It also covers buildings or structures housing mechanical or electrical equipment, and more.

    What will my individual condo insurance policy cover?

    We will craft your individual condo insurance policy and tailor it to your needs. A comprehensive condo policy includes these five major areas:

    1. Dwelling Coverage. This covers the part of the building that you own. It includes interior walls, drywall, wallpaper, paneling, flooring, carpeting, and built-in cabinets in your unit.
    2. Personal Property. It includes everything from clothing and electronics, to wall hangings and books, to baking pans and throw rugs.
    3. Loss of Use. You won’t need to worry about additional living expenses, such as temporary housing, storage, even kennel expenses for your pets. You’ll need this if your condo has been damaged and you need to move out during renovations.
    4. Personal Liability. In case of lawsuits, legal expenses, and medical costs, personal liability takes care of you. You’ll need this if you are found legally responsible for injury or property damage to others.
    5. Medical Payments. This covers expenses related to minor medical expenses such as exams or X-rays. You may be responsible for these if someone not named as an insured on your policy is injured in your condo.

    What does the master condo plan cover?

    Most master condo insurance policies cover the common areas of your building like the roof, basement, elevator, and walkways. However, associations have different standards for what they consider a structural part of a condo unit. Some associations insure the individual units as they were originally built. Usually, alterations such as remodeling a kitchen or a bathroom are left to the individual owner. Other associations only insure the bare walls, floor, and ceiling of a unit. Therefore, you must repair or replace anything else not included in the event of a disaster. For this reason, it’s critical to understand what your Master Policy covers.

    What discounts and endorsements are available?

    You may qualify for discounts by taking measures such as adding alarm systems to your unit. You can also save by bundling your condo and auto insurance policies. Finally, we might help reduce your individual insurance premiums if we underwrite your Master Condo Insurance policy.

    We can also recommend additional coverage for protecting your assets. You may want to consider the following:

    • Flood insurance and earthquake insurance. This is a good idea even if you live somewhere with moderate to low risk of these disasters.
    • Umbrella insurance. This is an inexpensive way to get more liability protection and broader coverage than what’s in your standard policy.
    • Scheduled personal property floater. This covers more than what your condo insurance policy provides for valuable items. These include jewelry, sports equipment, art, musical instruments, or antiques. A scheduled personal property floater ensures that the full value is covered in the event of a claim.
    • Unit assessment coverage. This reimburses you for your share of an assessment which your association charges to all unit owners. This is for repairs they must make after a covered loss, such as a fire that causes damage in a common area.
    • Water backup coverage. This insures your property for damage that results from a sewer or drain backup.

    It’s your life, let ABM protect it with the right coverage at the right price