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Master Condo Insurance for MA & NH Condominium Associations & Trusts

The Right Condo Association Insurance Coverage to Meet Your Needs, at the Right Price to Meet Your Budget

Does your Condo Association or Condominium Trust have the right insurance coverage to meet your needs?
Are you getting the best rate for your necessary level of coverage?

A Master Condo Insurance policy is needed by any Condominium Trust or Condominium Association in order to cover the building(s) and the liability of the Condo Association or Trust. A Condominium Association or Trust’s bylaws will dictate the levels of coverage and any extra coverages that are required to be on the policy.

The Daniel J. Guarino Insurance Agency is a local, family owned and operated agency, and we’ve been in this business, in your community, for decades. Our clients know that they can rely on us to provide the most thorough and reliable coverage to meet their needs, while keeping costs in check to meet their budgets.

The Basics Of A Condo Association Insurance Policy

Below are a list of some coverage’s that are available on most master condo insurance policies and a brief description of what they cover. This is for information purposes only. All, some, or none of these coverage’s may be on your current policy. If you have a question about your current policy please call the agency.

Liability Coverage – This is the amount of liability coverage that a condo association or trust is insured for. Typically, this limit is a split limit of 1 million I 2 million, but, can be increased. The split limit means that the insurance company will payout a maximum of 1 million per occurrence and a maximum of 2 million in any given policy term.
Building Coverage – This is the coverage that is placed on the condo building. This is the maximum amount that the insurance company will payout for any property loss to the building. For example, if your building is insured at 500K and it was to burn down, the maximum amount the insurance company would payout, if they paid the claim, would be 500K.
Deductible – The deductibles typically available on a master condo policy are $500, $1000, $2500, $5000, and $10000. The higher your deductible is the lower the cost of the insurance policy.
Wind/Hurricane Deductible – Sometimes if a condo is in close proximity to the water a company will add a separate deductible onto the policy. This is usually in the form of a percentage. For example, you may have a 1 %, 2%, 5%, 10% or more wind/hurricane deductible on your policy. A hurricane deductible will apply only if a loss occurs due to a named hurricane. A wind deductible will apply in the event that a loss occurs due to wind, regardless of it being a hurricane or not. For example, if you have a 2% hurricane or wind deductible on your policy and your coverage A limit on the building is $800,000; the deductible would be $16,000 (2% of $800,000).
Ordinance & Law Coverage – Ordinance & Law coverage is to protect your building against changes in codes, laws and ordinances in the town or city where you live. In the event of a loss, there could be things that need to be upgraded to conform to the codes or laws of the city and having coverage for those issues is dependent on having ordinance and law coverage on the policy. Especially for older buildings, this coverage can be very important to have.
Directors & Officers Coverage – This coverage helps to protect the trustee’s of a condo association from being sued. This is available on most policies for an additional premium.
Flood Coverage – Flood coverage is not typically covered on a master condo policy. In most cases the condo association or trust must purchase a separate flood insurance policy to have this coverage.
“All-In” Coverage Endorsement – This means that if there were a property loss and the entire building needed to be re-built the insurance company would re-build the inside walls and fixtures of the condo. Without this endorsement the coverage is generally subject to the bylaws set forth by each individual condo association or trust. This endorsement is only available on some policies, not all companies offer this. For more information regarding this particular endorsement please contact us directly.
Earthquake Coverage – This coverage will cover damage to your building in the event of an earthquake.
Back Up of Sewer or Drains, or Sump Overflow – This coverage will pay for the loss or damage to building caused by or resulting from:A. Water which backs up through sewers or drains;
B. Water below the surface of the ground including water that exerts pressure on or flows, seeps, or leaks into a building, foundation or other opening.
Extended Replacement Cost (25%) – This endorsement can sometimes be added onto a master condo policy to extend the building coverage beyond the current limit on the policy. For example, if you have coverage on the building at 500K with this endorsement and the building were to burn down for a covered claim the company would pay out up to 625K. The building must be insured at 100% of the replacement cost in order for this endorsement to work.
Guaranteed Replacement Cost – This endorsement can sometimes be added onto a master condo policy to extend the building coverage beyond the current limit on the policy. For example, if you have coverage on the building at 500K with this endorsement and the building were to burn down for a covered claim the company will pay up to any amount to rebuild the building. The building must be insured at 100% of the replacement cost in order for this endorsement to work.
Fences – Fences are generally covered only for fire, lightning, explosion, riot or civil commotion or aircraft. On some policies they may also be covered for damage from automobiles.
If you have detached structures such as a garage or shed on the premises they should be listed separately on the policy.

Your Master Condo Insurance policy is dictated by the bylaws of your Association or Trust and can require specific levels of coverage to be met. We will work with you to ensure you have the appropriate coverage, and then we will work with our providers to get you the best rate for the plan that best meets your needs.

As with any type of policy, there are other coverages available and recommended on a case by case basis, depending on the needs and size of the Association or Trust.

Please provide this basic information and we’ll respond to deliver your Condo Association Insurance quote

Please complete the form on this page to request a quote, and one of our local representatives will contact you within one business day.

Click here to learn more about Condo Association Insurance on eHow.com

We are the business of making customers happy!

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For the last few years, I have been buying properties in the Boston area, remodeling them and selling them as condo units. Chris and the Guarino Insurance Agency staff has helped me tremendously when it has come to insuring the properties that I buy. Their expertise in advising and setting up Builders’ Risk & Liability policies for me during construction, and then a Master Condo Insurance Policy once construction was completed, has been instrumental in making sure that I have been covered properly over the years. Since I found the service so helpful at the Guarino Insurance Agency, I decided to insure other things, such as my own home, and I have been just as satisfied with their personal insurance service as their business/commercial insurance service. Overall, I am happy to say that The Guarino Insurance Agency has met my needs and clearly exemplifies what an insurance agency should be doing to keep their customers satisfied.

- Dave M
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It was through a high-praising recommendation that I came to the Guarino Insurance Agency. I was thinking about getting a life insurance policy and was completely unsure of how to go about it. Chris assisted me and answered the (at least) 100 questions I had. Now a couple of years, a life insurance policy, condo/homeowners policy, auto policy, and about a million questions later, I couldn’t be happier with my decision. I have recommended Chris and the Guarino Insurance Agency to many friends and family and will continue to do so!

- Lisa C
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There comes a time in every man’s life when you realize that you’ve got to take the plunge. So when I finally did buy that engagement ring, the first thing I did was call my fellow college alumnus, Chris Guarino, to find out how I could insure it. Chris educated me on the process and helped me get a policy quickly and effortlessly. It was a huge relief, seeing as I was flying across country with the ring. A couple of weeks ago, I was closing on a new home. Because of my first experience with the Guarino Agency, it was a no-brainer who I was going to call for help with my homeowners insurance. Again, Chris impressed me with how well-versed he is in regard to the insurance industry. He helped me get a solid policy at a great price. It is reassuring to have an intelligent guy that you know you can trust take care of your most important investment. All of my future insurance needs will go through the Guarino Agency, and I’ve recommended my friends and family give them a call as well.

- Matt M
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Andrew Guarino has been my homeowner’s and auto insurance agent for the past year. As a client, I have had nothing but a good experience in dealing with Andrew and I am very satisfied with his performance. He is very informative about various insurance policies and can easily be reached whenever I have a question. He is a people person and he makes sure that his clients get the services they deserve. He continuously checks in to make sure that everything is going well and to see if he could be of any further assistance. I will, and have, recommended Andrew to many of my friends and family.

- Elizabeth M
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I recently moved from Rhode Island to Massachusetts and in doing so, was required to change my car registration and insurance agency. I shopped around for a couple of weeks and filled out numerous applications with several agencies for quotes on rates to determine which insurance plan would best fit my needs. After receiving quotes from many top-tier insurance agencies, I decided that the quote and the policy plan offered by Andrew Guarino through DG Insurance Agency was the ideal option, offering the best coverage at the most affordable price.

This is where my relationship with Andrew Guarino, my Independent Insurance Agent, and DG Insurance Agency began. From the moment I decided to insure my car with DG Insurance Agency, Andrew Guarino was fully prepared and available to guide me through the process of transferring my out of state registration to Massachusetts. He drove to my home with the required paperwork to initiate the process, since I was unable to meet with him elsewhere due to scheduling conflicts. He continually kept me posted on the insurance policy transfer process. He placed calls to my banking institution on my behalf, obtaining the title documentation. Andrew prepared a packet for me containing all the necessary paperwork to bring to the Registry. At the Registry, a clerk told me that I would have to pay over $1500.00 in taxes on my truck to Massachusetts, despite the fact that I had already paid taxes to Rhode Island.

A quick call to DG Insurance Agency and the agency contacted the Registry Headquarters to reconcile the situation at hand. With the help of Andrew and DG Insurance Agency, I was able to register my truck within minutes. The tax discrepancy could have resulted in a costly and timely delay, if it had not been for the support of Andrew and the staff at DG Insurance Agency.

I highly recommend Andrew Guarino as an Independent Insurance Agent to my friends, family, coworkers or anyone seeking insurance policies. He has been extremely accommodating and his professional attitude and efforts have proved to me that he seeks to help his clients in any way that he can.

- Justin B
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Andrew, we appreciate everything you have done for us. We would like to have you be our carrier for our Flood insurance as well. Although the rate was pretty much the same, we feel you responded to our e-mails in a timely manner and you are easier to get in touch with, and we appreciate that.

- Pamela S

DANIEL J. GUARINO

INSURANCE AGENCY INC.