Condominiums are tricky when it comes to who is responsible for the property. There are different types of master condo policies, each of which have different breakdowns according to the community bylaws. While those bylaws can vary, the three major categories of responsibility do not.
- The first major category is “All In.”
All in means that everything is the responsibility of the association. The only thing it excludes is the condo owner’s personal property (all condo categories excluded personal property). There are four elements to every condo: common elements, limited common elements, unit property, and unit improvements. These four elements refer to pretty much everything in a condo: furniture, appliances, floors, walls, everything nailed down, and anything that the association provides. Check your condo agreement to find the specifics, but All In policies are supposed to protect all four elements.
- The second category is “Bare Walls.”
Bare Walls means there is limited property coverage. This could mean a lot of things. This could mean the association is responsible for the exterior of the condo, but not the interior. Some contracts will refer to common areas which could mean common walls of the unit property. Some associations will only cover your walls up to the drywall. The Bare Walls policy is tricky and limited, but not uniform in its limits. Experts recommend getting a legal opinion to help determine what is covered and what is not.
- The third category is ‘Original Specifications.”
Pretty self-explanatory, Original Specifications refers to all the original parts of the condo. This is similar to All In, but the main difference is that it does not cover any improvements made by the unit owner. If you changed out the counter tops in your kitchen, the kitchen will be covered, but not the new counter tops.
When you understand these categories, it’s easy to identify gaps in coverage and the disturbing possibility that your personal things may not covered. This is where condo insurance comes in. Condo insurance helps fill in those gaps by covering your personal property and, in some cases, liability insurance that you may need in a Bare Walls or Original Specification condo policy. Your condo insurance expert can review your condo’s master policy and help you understand the amount of coverage you will need for your new property. Many condo associations require you to obtain condo insurance. In any case, it is a wise decision to cover yourself.
LoPriore Insurance Agency has specialized expertise in identifying just the right amount of coverage you will need for your condo. If you’re moving into a condo, your first call should be to LoPriore Insurance Agency to discuss your condo insurance policy. They can find you a policy that fits your lifestyle and covers all the gaps in your condo’s master policy. They make the process easy and convenient! When you can’t make it to the office, LoPriore Insurance offers e-signatures for policies and even makes house calls! Whatever you might need, LoPriore Insurance can provide it in a way that works for you!
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For more information on condo insurance, visit: https://www.lopriore.com/personal-insurance-massachusetts/condominium-insurance-ho-6/