Massachusetts Condo Insurance
Get a complete analysis of Massachusetts condo insurance costs, coverages & companies.
Written by
Christine Lacagnina has written thousands of insurance-based articles for TrustedChoice.com by authoring consumable, understandable content.
Reviewed by
Jeff Green has held a variety of sales and management roles at life insurance companies, Wall street firms, and distribution organizations over his 40-year career. He was previously Finra 7,24,66 registered and held life insurance licenses in multiple states. He is a graduate of Stony Brook University.
Find the Best Condo Insurance Rates & Companies in Massachusetts
The popularity of condominiums has been increasing over time in Massachusetts, and it's not hard to see why. Condos offer the advantages of homeownership coupled with many of the benefits of renting. If you're among the many condominium owners in Massachusetts, you can cover your personal property with condo insurance.
A local independent insurance agent in Massachusetts can help you find the ideal condo insurance policy. They know which carriers sell the right coverage at the best price. But until then, here's a behind-the-scenes look at Massachusetts condo insurance requirements, average prices, and more.
Best Condo Insurance Companies in Massachusetts
If you want to save time finding the best condo insurance available in Massachusetts, you've come to the right place. We've compiled a list of a handful of our top recommendations for the best condo insurance companies in Massachusetts for you to start with.
- Travelers: This carrier sells condo insurance and many other types of personal and business insurance. Travelers has excellent ratings from the Better Business Bureau (BBB) and AM Best, offers plenty of discounts, and is a longstanding carrier in the industry.
- Encova: This insurance company sells condo insurance and many other types of personal and business insurance. Encova has outstanding ratings from both AM Best and the BBB and offers 24/7 claims reporting services.
- Stillwater: This insurance company sells condo insurance and many other types of personal and business insurance. Stillwater has top-notch ratings from AM Best and the BBB, offers nationwide coverage, and provides 24/7 claims reporting services.
A Massachusetts independent insurance agent can help you compare quotes and policy options from each of these carriers and others in your area.
What's the Difference Between HO3 and HO6 Insurance?
Condo insurance can be thought of as a special type of homeowners insurance and is also sometimes referred to as HO6 insurance. These policies are designed to cover your personal property, such as clothing, furniture, electronics, silverware, etc.
An HO3 policy, on the other hand, is designed to cover personal property as well as the home's structure or dwelling and foundation. Condo owners do not need this much coverage, as the building's structure is covered under the homeowners association's master policy.
Is Condo Insurance Required in Massachusetts?
Though condo insurance isn't required by law in Massachusetts, many condo residents are still required to have coverage. Most mortgage lenders require you to have condo insurance, and in many cases, you can be required to have condo insurance by your condo association. Still, regardless of whether coverage is required, having it can help you get the reimbursement you need after a major disaster like a fire or a lawsuit.
What Does Condo Insurance Cover in Massachusetts?
Condo insurance includes three major types of protection. In Massachusetts, condo insurance typically includes:
- Loss of use coverage: This covers expenses related to living elsewhere temporarily if a covered disaster like a fire damages your condo to the point extensive repairs are necessary.
- Liability coverage: This covers costs related to lawsuits filed against you by third parties over claims of bodily injury or personal property damage.
- Contents coverage: This covers the repairs or replacement of your personal property if it gets stolen, lost, damaged, or destroyed by a covered peril.
Your Massachusetts independent insurance agent can help ensure your condo insurance policy is equipped with each type of protection you need most.
What's Not Covered by Massachusetts Condo Insurance?
Though condo insurance provides critical protection, it can't cover everything. In Massachusetts, condo insurance tends to exclude the following:
- Flood or earthquake damage
- Water or sewer backup damage
- Insect damage or infestation
- Routine maintenance expenses
- Intentional or malicious acts against third parties
Ask your agent about adding coverage for flood damage or water and sewer backups. You may be able to purchase separate policies or endorsements.
How Much Does Condo Insurance Cost in Massachusetts?
Condo insurance tends to be much cheaper than home insurance. However, Massachusetts condominium insurance is more expensive than the current national average of $455 per year. Massachusetts condo insurance costs about $535 annually. Keep in mind, though, that the cost of your specific policy can vary based on the following:
- Your deductible
- Your claims history
- The type and amount of coverage you need
- The value of your personal property
- Your exact location
Your agent can also help you find Massachusetts condo insurance discounts to help bring down the cost of your coverage.
Save on Condo Insurance
Our independent agents shop around to find you the best coverage.
Popular Questions about Massachusetts Condo Insurance
Though state law in Massachusetts doesn't require condo insurance, you may still need to get it. Many mortgage lenders and condo associations require residents to have condo insurance.
The current average cost of condo insurance in Massachusetts is about $535 per year. This breaks down to about $45 per month.
We found that Travelers is the best condo insurance company in Massachusetts this year. Travelers offers great customer service, many discounts, and competitive rates.
Massachusetts independent insurance agents can help you find the condo insurance you need from a top-rated local carrier. Independent insurance agents work hard to find quality coverage at the most affordable rate. They'll shop and compare condo insurance quotes from several carriers for you.
And down the road, they can help you file condo insurance claims or update your coverage as needed. Your agent can help you find condo insurance in Boston or wherever you reside.
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