All in Condo Insurance?

Question

I am purchasing a condo in Boston and the Master Policy is All In Coverage. Does this mean that the master policy covers my unit in case of a fire? Do i still need to obtain Dwelling (Part A) coverage? Thanks for any and all help!

Answer 1

All in coverage typically covers everything: walls, carpet, cabinets, fixtures, etc. However, it will only pay to build the condo back to the way it was originally, not any upgrades you make.

You should purchase a condo policy that gives coverage for contents, as well as betterments and improvements if you have made any changes to the condo.

Answer 2

The condominium bylaws, not the master insurance policy, specify what is to be covered by the association. You will find a section in the bylaws that will describe, in detail, what you are required to cover and what the association agrees to cover. Don't buy your policy until you have reviewed that provision.

If you determine that the association does, in fact, cover all of the interior as well as the exterior you still need to be aware that any upgrades that have been added in the past or future upgrades would not be covered by the association.

Answer 3

you must obtain your own insurance for the interior and contents. The master policy covers the structure only --4 walls

Answer 4

Well, the standard condo policy comes with a very small amout of dwelling coverage.  You'll have to read that "all in" bit in the bylaws, AND the master policy - NOT just the summary.  I would ABSOLUTELY get your own dwelling coverage.  If the master policy has a $25,000 deductible and you have a $10,000 kitchen fire, that policy isn't going to apply.  Not to mention, you still have liabiltiy and contents exposure.