Condo insurance works in much the same way as a regular homeowner's insurance policy, but with a few key differences. For Easthampton, MA condo owners, choosing the right type of condo policy can be very important since typically you are responsible for any damage or claims arising from events originating in your unit. While condo insurance policies differ somewhat according to specific buildings, providers and options, this is what is usually covered under a standard policy.

What Does a Condo Insurance Policy Cover in Easthampton?

Interior Space of Your West Springfield Unit

Damage occurring to an interior wall or a tile floor is usually covered under a regular condo insurance policy since the condo owner technically owns everything inside their unit. If a fire starts on your stove and it significantly damages the wall behind it, you can be covered under your plan. If a neighbor's stove does the same thing and the damage spreads to your unit, their insurance will usually be required to pay for the repairs.

Injury Liability Coverage with Condo Insurance

Condo owners in Easthampton are typically covered in the event that a guest is injured in your unit up to a certain limit. This limit can vary among different policies but it typically covers most major medical procedures. You or your HOA's insurance policy may be responsible for anything over the maximum limit, which is why most condo associations make it a requirement to have at least a minimum amount of injury coverage in your condo policy.

Personal Possessions

The protection you receive for personal possessions is similar to what you would see in a regular renter's or homeowners insurance policy. Items that fall under this type of coverage include furniture, clothing, jewelry, appliances, and just about anything else that did not come with the condo. It is important to note that if you have a lot of high-value items in your condo, your current possessions limit may not be enough to cover everything in the event of a burglary or fire. In these cases, you may need to contact your insurance agent to ask about how you can increase your limits or add a rider onto your current policy.

Improvements to the Unit

While a complete loss of an Easthampton building may be covered under your HOA's insurance policy, it is likely they will only pay you the current value of your condo as it came. Any improvements you made, such as adding hardwood floors, granite countertops, or anything else that would increase the value of your condo would typically not be covered. In this situation, your condo policy provider may pay you for the value of the improvements you made, allowing you to recoup the costs that you would have normally gotten back when you sell your unit.

These are just a few of items usually covered under a standard condo insurance policy, though there may be other items/events covered as well. West Springfield, Massachusetts residents typically do not have to worry about individual insurance policies for the exterior of the building, or common areas, as these places are often covered under a separate policy maintained by your HOA. Talk to a local friendly agent to learn more!