Condo Insurance 101

Condominium insurance is a widespread source of confusion and dispute.  If you are a condominium owner, it is important to understand what is covered by your association’s “master policy” and what gaps in coverage you need to insure.  Not all master policies are alike.

As a general matter, the master policy covers the building of which your condominium is a part.  The condo association obtains the policy and pays for it with your association dues.  It will typically cover common areas you share with other owners in the building, such as the roof, basement, hallways, elevators and the like.  The master policy coverage, however, may end where your unit begins, leaving you to cover interior walls, floors, appliances and fixtures.  In some instances, the coverage may be more extensive than that.  You should review the master policy as well as the condo master deed and association bylaws. 

As an owner, you will want a policy of your own for your personal belongings, the portions of your unit that are not insured under the master policy, and personal liability coverage.  You may want to consider loss assessment coverage, which kicks in when the association makes a special assessment due to a loss that was not fully covered by the master policy.  Other optional coverages you may want to consider include water back up coverage and umbrella liability coverage.  Get good advice and understand your coverage before you need it!

O’Connor, Carnathan and Mack LLC is a commercial litigation law firm located in Burlington, Massachusetts that helps companies and individuals resolve complex business disputes, insurance coverage disputes, and personal injury claims. Our legal team includes top-flight commercial litigation attorneys as well as dedicated personal injury lawyers. Our clients include Fortune 500 companies as well as closely-held businesses and astute individuals. We believe every client deserves the finest representation possible for a fee they can afford. Accordingly, we offer our services at rational hourly rates and on a contingency fee basis, devise our strategies to fit the amount at stake, and are open to creative alternative fee arrangements as well. Our attorneys serve clients in Middlesex County and Suffolk County, as well as throughout Massachusetts and New England. Contact us to learn more.