If you’re a first-time condo buyer, it’s likely that you’ve thought about protecting your investment with Condo Insurance Boston. As you begin your research, you may find it difficult to figure out what you should look out for before you decide on coverage. Here are a few things that you should take note of on your hunt for condo insurance:
Meet With Your Building Association
Your individual unit isn’t the only thing you have to consider. Your condo’s association will likely have a master policy, and you need clearly understand what it covers. A “bare walls” policy will only cover the structure and nothing more. Other associations purchase a more inclusive policy that includes cabinets, counter tops, and other fixtures. Check with your association to see what’s covered before you call the insurance company or visit website for more details.
Get Loss Assessment Coverage
Purchasing a condo could mean that you are expected to help carry the load of the association’s financial loss in the event of a disaster. If the master policy coverage is not enough to pay for the necessary repairs, some condo associations will divide up the remaining costs among the residents. Loss assessment coverage ensures that you won’t have to pay out of pocket if this ever happens in your building.
Your Possession Inventory Shouldn’t Be A Guessing Game
Completing a thorough assessment of your belongings will pay off in the long run because there will be no surprises during the claims process. Don’t forget that any antiques or collectibles may need special coverage, and be sure to opt for replacement cost coverage for your things so that you’ll know that depreciation won’t be a factor.
Yearly Reviews Should Be Non-Negotiable
Because you never know when something could happen, it’s important that you are always prepared. As you continue to purchase items or upgrade your home, call your insurance agent for a yearly review of your Condo Insurance Boston. The last thing you’ll want is to realize after a disaster that your new carpet or expensive couch wasn’t covered.
Buying Condo Insurance Boston can seem like a daunting task for a first-timer, but working with an insurance agent can make all the difference in getting the deal that’s right for you. Call Sawyer Insurance Agency Inc. Boston today to begin working with an independent agent to craft the perfect policy for your needs.
