Condo Association Master Insurance Premiums are Increasing Boston
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Condo Association Insurance Premiums are Increasing
Condo Association Master Insurance premiums are increasing for many Condo Associations, as insurers blame the rising coasts squarely on climate disasters. For HOA owners, the issue is compounded, as their Condo Master Association Insurance Association fees are also skyrocketing due to the association’s rising cost of Condo Association Insurance.
A recent report shows that 40.5% increase in Condo Fees HOA's up from 39.2% the prior year due to rising Condo Association Insurance Costs.
With more condos and townhouses than ever, the additional financial burden of paying more in dues to cover the Condo Master Association Insurance HOA-provided insurance is a hot topic of conversation.
What is an HOA Condo Master Insurance Policy?
An HOA Condo Master Insurance Policy differs from an individual homeowner policy. Simply put, “it acts as a protective umbrella for the Buildings, shared spaces and liabilities within a homeowners’ Condo Association (HOA) community,” according to HOA Member Services.
It covers common property and shared amenities, such as playgrounds and common-use buildings. In other words, it protects the Condo Association HOA—not your home.
However, Condo Master Association Insurance also indirectly protects homeowners, building cost and natural disaster damages that can destroy common property could cost thousands of dollars to individual owners without coverage.
Fees vary depending on several factors, including the type of age of building(s), construction, building updates, location and claims. For instance, the Realtor.com report notes that “older constructed condo buildings with no updates result in higher Condo Association HOA dues and insurance costs.”
What Condo Master Insurance do HOA fees cover?
The HOA fees cover all shared amenities, which vary by Condo Association Complex. These can include buildings, parking lots, lobbies, elevators, tennis courts, and any other spaces or features your community shares.
It’s important to note that some Condo Association HOA fees also can include very specific types of coverage. For instance, a “bare walls” policy stops at your drywall, studs, and insulation; but policies with “single-entity” or “all-in” coverage may cover your cabinets, flooring, and even any built-in appliances. It also include liability protection in the event of a lawsuit resulting from an injury on the association’s premises. The Master Condo Association Insurance Policy also covers common areas such as elevators, hallways, swimming pools, or tennis courts.
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