Boston Condo Insurance

How to Find Boston, MA Condo Insurance

Find the right condo insurance policy for you.

Boston is one of the most populous cities in America. Whether you’re buying your first place or upgrading to a nicer one, if you want to stay in the heart of the city, a condo or townhome is an excellent and affordable option. Just make sure you have Boston, MA condo insurance to protect your investment.

To get the right coverage for your unique needs, consider working with an agent. An independent insurance agent can help walk you through the details of a comprehensive HO-6 policy and ensure that you are prepared for fire, water damage, and burglary. Your independent agent can also help you compare multiple Boston condo insurance quotes to find a plan that fits your budget. Contact a local member agent today to get started.

Boston Condo Statistics

  • 2012 median price: $571,000
  • 2011 median price: $555,000
  • 2007 median price: $505,000
  • In just five years, the median price went up by 13.1%
  • In 2012, condos were on the market an average of 82 days
  • In 2011, condos were on the market an average of 104 days

The Basics of Boston Condo Insurance

While condo insurance covers the same liability risks and potential property damage that a normal homeowner policy does, there are still significant differences. When you purchase a condominium, the building structure and grounds are normally managed by a condo association. This also applies to common areas like swimming pools, gyms, playgrounds, and tennis courts. 

The association typically covers all of this with a master policy. Accidents, injuries and property damage that affect the external areas of the building and any common areas are covered by this policy. The specifics of every master policy will differ from one condominium association to another, but typically anything on the inside your condo is your responsibility.

What Does Boston Condo Insurance Cover?

When you purchase a condo insurance policy, it will usually cover damage that occurs to your interior walls, floors, ceilings and your personal property. Although the master policy may cover items like flooring, other things like wall coverings and light fixtures may not be covered. Setting the right coverage limits will help offset any coverage gaps you experience between the master policy and your personal policy.

Condo insurance is designed to cover any damage to your personal property. Again, it’s important to set the right coverage limits. Your basic HO-6 policy will provide coverage for a certain amount of personal property loss due to burglary, fire and other covered risks. Be sure to review your policy carefully and determine if the coverage amount is adequate. If you have very expensive items, consider scheduling them individually on your policy. This way, if you need to make a claim, you know your expensive artwork, jewelry, collectibles or antiques will be fully covered.

How Much Does Boston Condo Insurance Cost?

Rates vary for insurance policies depending on your location, condo value, and deductible, as well as other factors like your marital status and credit score. If you are looking for ways to save, an agent can compare Boston condo insurance quotes to find the right policy at an affordable price. You may also qualify for certain deals and discounts. For example, you may earn a discount if you live in a complex with excellent building security and fire safety. Ask your agent for a list of ways you may qualify for discounts.

It's a good idea to pay attention to deductible amounts. The higher your deductible, the lower your premium may be, but you’re also subject to the master policy deductible, which can be as high as $25,000. Make sure you don't have to pay out of pocket for damages and injuries by talking with your agent about coverage gaps. Your personal condo policy can be tailored to cover high master policy deductibles, but it may cost more.

Finding the Right Condo Coverage for You

If you need a Boston condo insurance policy, a local independent agent in our network can help. Your agent can personalize a policy that addresses your needs, based on what your association's master policy does and does not cover. It only takes a few moments to find an independent agent right in your area. 

Contact a local member agent to compare Boston condo insurance quotes today.

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