There’s a lot to be said for living in a condo – or condominium if you want to use its official title. If you already live in one – good for you! You will already be aware of the benefits and I don’t want to preach to the choir, so you can skip to the next paragraph. A condo limits the amount of exterior maintenance for which you are responsible, it offers an instant community within the building, it creates a sense of security, you can be close to convenient amenities, and you may even get a great view.
While a condo may not be a castle, it can still mean just as much and be just as precious to the person who owns it. With this being the case when was the last time you took a good look around your condo? I don’t mean when your phone disappears, your keys go missing, or the remote control takes a walk; I mean looking around with an admiring eye.
Consider the stylish decoration, look at the tasteful furnishings, take in the carefully chosen objet d’art. Got it? Now imagine that it’s all gone. Yep, I said it, gone. Disappeared. Vanished. Suddenly, nothing. Doesn’t bear thinking about. Learn more about Home Insurance in Cambridge Ma
So, after you’ve been sold on the idea of a condo (or you’re more assured of the decision you already made), you may wonder why you would need to picture something so terrible. A positive image does not need to be sullied by impossibilities, right? Well, maybe not an impossibility, but at least nothing to worry about.
That’s why you pay your dues, that’s part of the purpose of the condo board. They maintain the insurance on the building so that you’ll be taken care of if anything happens. That’s all you need, right? Pass me the paperwork, where do I sign it?
It is worth actually taking the time to look at the insurance policy that covers the building so that you know exactly what insured risk it provides for. You are sure to be aware of the main risks and that it provides coverage for the structure of the building. However, depending on how knowledgeable you are about insurance matters, you may or may not know that it does not provide coverage for the contents of your unit.
Yep, I said it: your stuff is not covered. As much as you may love your personal property, the condo board does not feel the same way. They don’t care about your stuff like you do; though they might care if you have massive speakers that are capable of keeping your neighbors awake, or if you leave the property in communal areas in violation of the rules. Other than those types of situations, they are not going to lose any sleep if something happens to your personal property.
If you really stopped to think about it, you would probably recognize that it makes sense for them not to provide coverage for your personal property. What if you have a Van Gogh adorning your wall? What if you have a piece of jewelry comprising a rock resembling the Hope Diamond? The average person is unlikely to have these things, so an insurance company would not automatically provide a sufficient insured amount to cover these…even if the building's insurance did insure contents.
Remember that only you are responsible for your personal property, so you must determine how to protect it.
Taking the opportunity to review the insurance policy that provides coverage for the condo building will help you to determine where you stand in the event of an insured risk occurring. Not only will it confirm the amount that the building is insured for, but will also confirm the risks that are provided for, such as fire, lightning, or hurricane.
Don’t assume that you are covered for every type of insured risk imaginable, as there are some risks that are not covered as standard. There are certain risks that only specialist insurance companies will be prepared to insure, or for which an additional premium may be required, such as terrorism or flood. Take note of the coverage to be clear of your entitlement in the event that you need to make a claim.
Knowing that you will have some recourse if your home suffers damage will give you peace of mind, as you can be assured that it will be put back to normal. However, you will enjoy even greater peace of mind if you also ensure that the policy provides for temporary accommodation, that is, somewhere for you to stay should your home become uninhabitable for any reason. It is easy to forget about this need, even though it will be essential to prevent you from being out of pocket.
It can be difficult to imagine a risk occurring that would cause any significant damage to your property, which makes it easy to assume that you don’t need insurance. However, that can be a dangerous assumption to make.
Let’s take another trip to hypothetical land and look around at all your stuff again. Now imagine that the rooms are completely bare and you have to start again to fill them with all the essentials you need to live comfortably. Though it might not be likely, it is still possible and it is prudent to hope for the best and prepare for the worst.
It’s all too easy to take things for granted or even assume that you don’t need insurance because your property is not that valuable. However, you’ll be quickly disabused of that notion when you have to pay to replace everything; even with the cheapest options, the cost will quickly build up and inflation will increase prices even more.
Would it be easier if you could just get content insurance from your condo board? Maybe, but getting your own insurance policy in Massachusetts isn’t actually a great hardship. Besides, it can actually be considered a good thing because you will maintain control over the coverage that you obtain.
One of the main benefits of getting homeownershomeowners insurance in Massachusetts is being able to customize it to meet your precise needs. You will be able to choose the Cambridge insurance company that will give you a policy with terms that suit you, such as new for old rather than current value when furniture or appliances need to be replaced.
Being able to get your own insurance policy will also offer the opportunity for you to save money by bundling the policy with other types of coverage. Not only will you benefit from saving money on the premiums, but you will also enjoy the convenience of several types of coverage within one policy.
Once you recognize that the insurance needs of a house owner differ from those of a condo owner, you will see how you can benefit from an appropriate insurance policy.
Within the confines of the walls of your condo, it is your private space and only you can protect it, though we at Econosurance can help you to get the coverage you need. The best home insurance is that which is suitable for living in a condo and you can call us on 800-335-0633 to enable us to find the right policy for you.
Though I’m named Duke, I intend to provide you with a princely service to protect your castle without charging you a king’s ransom.