First, you must ask yourself whether or not you need master condo insurance, which may seem like an unnecessary expenditure at first glance. However, the cost of this policy is exceptionally low, and you can ensure all aspects of your condo are covered with this on your side. If you own a condo, you absolutely need a master policy, especially if you plan to continue owning the property for many years to come, along with those who enjoy the space in your company.
Building
Master condo insurance is designed to cover the building and common property areas, but will stop at the exterior walls of the building. If your building were to be burned down by a fire, or if it were to be destroyed by severe weather, you can have a brand new building constructed in its place with this policy. However, the owner of the condo will need to pay for the fittings, fixtures, and perhaps even the drywall using their own money or an additional insurance coverage plan.
Without this coverage, it would be all but impossible to afford refurnishing your condos since you would also be responsible for building the entire property.
Liability
Master condo insurance will also cover any injured persons that sustain their injury on condo property. However, this will not extend to a slip and fall on newly polished floorboards. An injury sustained in common areas can be serious, and any claims against you can be exceptionally costly to cover without the help of our insurance, which is why you need this policy in combination with a policy designed to cover the condo’s interior.
A master insurance policy will ensure that all areas of the condo and events that might occur on its property that are not covered by traditional condo insurance are protected. When coupled with condo insurance, you should never need to worry about being forced to pay out of pocket in the event of an accident or disaster. Simply visit daileytaxandinsurance.com or call 617-472-8100 to contact a Dailey Tax & Insurance, Inc. professional. You can also visit them on Facebook for regular updates.
