Master Condo Association Insurance Boston: What Does It Cover?

 

If you own or manage a condominium building in Boston, having the right Master Condo Insurance policy is essential to protecting your property and condominium association.

Also known as Condo Association Insurance or Condo Trust Insurance, a Master Condo Policy helps protect the building, common areas, and association against covered property losses and liability claims.

At Savin Jones Insurance Agency, we specialize in Boston Condo Association Insurance and help condominium trustees and property managers throughout Massachusetts compare coverage and premiums.

Save up to 40% on Condo Association Insurance. Click above for a Quote

 

What Does Master Condo Insurance Cover?

Building Replacement Cost Coverage

Building coverage helps pay to repair or rebuild the condominium property after a covered loss, such as a fire or windstorm.

The building should carry an appropriate Replacement Cost limit based on the estimated cost to rebuild, not its market value.

General Liability Insurance

General Liability Coverage helps protect the condominium association against certain bodily injury and property damage claims.

Common liability limits include $1 million per occurrence and $2 million aggregate, with higher limits available.

Deductibles and Wind/Hail Coverage

Common property deductibles include $1,000, $2,500, $5,000, and $10,000.

Some Massachusetts condo policies have separate wind, hail, or hurricane deductibles, especially for properties near the coast.

A higher deductible may reduce the insurance premium but increases the association’s out-of-pocket expense after a covered loss.

 

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Ordinance or Law Coverage

Ordinance or Law Insurance is especially important for older Boston brownstones, triple-deckers, and converted multifamily buildings.

After a covered loss, building codes may require costly upgrades.

This coverage can help address:

• Coverage A: Loss to the undamaged portion of the building
• Coverage B: Demolition costs
• Coverage C: Increased construction costs required by current building codes

Directors and Officers Liability Insurance

Directors and Officers (D&O) Insurance helps protect condominium trustees, board members, and the association against certain claims involving alleged wrongful acts in managing the association.

All-In, Single Entity, and Bare Walls Coverage

The association’s Master Deed and Bylaws help determine which parts of individual condominium units the master policy must insure.

• All-In Coverage: Generally includes covered interior fixtures, finishes, and improvements.
• Single Entity Coverage: Generally covers original unit fixtures and finishes but may exclude owner upgrades.
• Bare Walls Coverage: Generally limits coverage to the building structure and designated common elements.

Condominium owners should also maintain appropriate HO-6 Condo Insurance for their individual insurance needs.

Water Backup and Equipment Breakdown

Water Backup and Sump Overflow Coverage may help pay for covered water damage caused by sewer or drain backups, subject to policy limits and exclusions.

Equipment Breakdown Insurance may cover certain mechanical or electrical breakdowns involving boilers, heating systems, electrical equipment, and other covered building machinery.

Flood and Earthquake Insurance

Standard Master Condo Insurance policies generally exclude flood and earthquake damage.

Separate policies or endorsements may be available to protect against these exposures.

How Much Does Condo Association Insurance Cost in Boston?

The cost of Master Condo Insurance in Massachusetts depends on several factors:

• Building replacement cost and square footage
• Number of condominium units
• Building age, construction, and roof condition
• Property location
• Previous insurance claims
• Deductibles and coverage limits

Comparing insurance quotes can help your association find competitive premiums without sacrificing important coverage.

Why Choose Savin Jones Insurance Agency?

With more than 35 years of insurance experience, Savin Jones Insurance Agency helps condominium associations throughout Greater Boston secure appropriate insurance protection.

We specialize in insurance for two-unit to eight-unit condominium associations, Boston brownstones, triple-deckers, converted multifamily properties, and larger condominium buildings.

We proudly serve Boston, South Boston, Dorchester, Jamaica Plain, East Boston, Cambridge, Somerville, Brookline, Quincy, the South Shore, and communities throughout Massachusetts.

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Is your condominium association’s insurance policy approaching renewal? Let Savin Jones Insurance Agency review your current coverage and compare available insurance options.

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Savin Jones Insurance Agency
Click or Call: (617) 474-9900

Insurance coverage is subject to policy terms, conditions, limits, exclusions, and underwriting requirements.