With condos selling at a median sales price of about $250,000across the U.S. this year, states like Massachusetts have the prices edge up 0.3%.
When it comes to settling in a plush condominium complex, there is more to just purchasing a unit; getting insurance for your dream condo is equally essential.
Can an insurance policy cover your condo’s exterior, portions of the interior, and offer liability coverage for accidents in the common area? All you need is a condo master insurance policy that can take care of both property and liability coverage in your condo complex.
Here are five top reasons why you require this policy to have a relaxed lifestyle in your new condo.
Protection Against Liabilities
Let’s say you have invited your friend over, and they meet with an accident in the common area. If you get protection against liabilities in such scenarios, you can avoid significant financial expenses.
The good news is that this master insurance policy includes medical coverage for such accidents on the complex premises.
Moreover, you won’t be responsible for the communal structures’ maintenance; your condo complex association will use your master policy to settle remunerations.
Coverage for Exterior Damage
A condo master insurance policy covers exterior damage for your condo in the complex, including compensations for damage to the condo roofing, and exterior walls.
Using this policy, your community association can claim funds for restoring the exterior of the condo and communal areas of the complex.
In other words, this policy offers “Bare Walls-In” coverage, which includes only the material essential to construct the units, like framing, piping, wiring, and drywall.
Protection for Upgrades Across the Condo Complex
It’s a no-brainer that any enhancements in your unit or throughout your condo community will significantly appreciate your property value.
When you decide to make value additions to your condo, this master policy comes very handily. Also, at times, your association can suggest new improvement plans to benefit your condo community. Your master insurance policy also offers coverage for expenses incurred due to new installations.
With the proper evaluation for new installations, you can enjoy the maximum coverage.
Coverage for Fixture Replacements in Communal Area
The common area in your complex will present sophisticated amenities like pools and fitness centers. If in case, there is property damage in these areas due to fixtures, the complex association has to replace the items.
Using the master policy, the association can file the claim for the required funds to replace the fixtures. Also, you can claim medical coverage if you sustain injuries due to any such common area property damage.
Can Make Standard Condo Coverage More Affordable
With a master insurance policy for your condo, you can pay low premiums and get great discounts on your standard condo coverage.
The right master and standard condo insurance policies allow you to claim coverages for the exterior and interior spaces in your condo complex.
Besides, you can avail coverage enhancements like equipment breakdown, and floods, to protect your unit and the items inside your property, more effectively.
Review and choose the master insurance policy for your condo, that offers adequate coverage for potential risks from the communal area and condo’s exterior damage. Rest assured, you can enjoy a peaceful life in your dream condo and have a great time with your friends and family.