An all-in master condo policy will generally pay for damage to your inside walls, fixtures, floorings, and any betterments or improvements that have been made to the condo unit. However, this policy will not cover the unit owners personal property or their personal liability. The unit owners personal property must be covered on a condo-unit owner policy (HO-6). There are many condo owners in Massachusetts that think they are fully covered because they pay a condo fee every month for the master condo policy, but, that is not true. Every unit owner should have their own HO-6 policy AND a master condo insurance policy on the building. Remember that there is also a deductible on the master condo policy. For example, if there is a storm and a tree falls on a condo with a $10,000 master condo deductible and the damage is $20,000; well, the condo will only get $10,000. The higher the deductible on the policy the lower the premium…but the less you will get paid out in the event of a covered loss.
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