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Boston Condo Insurance: What is it and Do you Need It?

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Are you in the process of moving to the Boston area? If you are, have you decided that you would like to buy a Boston condo? If so, you are definitely not alone.

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Are you in the process of moving to the Boston area? If you are, have you decided that you would like to buy a Boston condo? If so, you are definitely not alone. Each year, a large number of individuals who move to the Boston area consider buying their own condos. If you have reaffirmed your decision to buy a Boston condo, you may be working out all of the “kinks,” or be in the process of getting all of your arrangements in order. If that is what you are doing, have you started to examine insurance?

When it comes to owning a Boston condo, there are a large number of individuals who do not know whether or not they need to buy a Boston condo insurance policy. If you are in the mist of purchasing a condo, it is definitely something that you will want to examine. In fact, you might not only find that having insurance coverage for your Boston condo is recommended, but you may also find that it is required. Perhaps, the best way to determine whether or not condo insurance is required or is just optional is to contact your local Boston condo association for more information.

Although there is a good chance that you will be required to have condo insurance for your Boston condo, you might not actually be required to do so. Even if you aren’t legally forced to have condo insurance coverage, it is still advised that you do. In a way, condo insurance can be compared to renter’s insurance, although you are actually the owner of your condo not a renter. For instance, should your condo complex suffer wind damage from a storm and you have belongings that were damaged because of that wind, it is your responsibility to replace or repair your belongings. Unfortunately, there are too many condo owners who believe that their belongings would be taken care of or paid for by the condo association or the owner in charge of running the Boston condo complex. This is not how it works though.

If you are interested in obtaining condo insurance for your Boston condo, you will want to speak with an established insurance agent. These insurance agents can often be found locally or online, with a standard internet search. For the best quality of service, you are advised to approach the insurance company that handles your car insurance, should you have an insured vehicle. There are a large number of insurance companies, maybe just like yours, who offer coverage for a wide variety of different items, including condos, homes, and vehicles. No matter who you choose to seek condo insurance from, it is important that you do. As previously mentioned, without condo insurance for your Boston condo, it would then be your responsibility to pay for all repairs and replacements, without any help from an insurance company.

In addition to purchasing your own Boston condo insurance policy, you may also be required to contribute to another insurance policy. Most condo complex associations require that insurance coverage be carried for common grounds. These common grounds, such as picnic areas, swimming pools, and so on, are the grounds which you and the other condo owners own together. Depending on which Boston condo complex association you have to deal with, you may be required to pay this insurance on a yearly basis or in small increments each month. If you have yet to officially buy a Boston condo, this is an important question that you may want to ask ahead of time, before making your purchase offer.

Although having and knowing the important of Boston condo insurance is important, condo insurance isn’t the only thing that you will need to examine and prepare for, before buying a Boston condo. For more information on buying a condo in Boston, you are advised to examine www.ANTHJAMES.com.

Author: Anthony Longo

About Author:

Anthony Longo
Boston Real Estate and Boston Condo Expert

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