Tag Archive for: liability

Condo Insurance and Boston — 5 Things You Should Know

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So, you’re thinking of buying a condo in South Boston. Congratulations! We know what a big step this is, and all the stress you’re dealing with. As condo prices in Boston continue to climb, and in an expensive ‘hood like Southie, jumping into the real estate market can be a daunting task. But your friends at Lighthouse Insurance are here to help!

Once you’ve made the financial commitment to buy property, you definitely want to make sure you have the right insurance to protect it. And in many cases, a standard condo insurance policy will not be enough to protect a luxury condo in Boston.

Here are 5 quick tips to think about when shopping around for your condo insurance policy.

1) Remember, your condo association will have a master condo insurance plan, but this plan will not cover your personal belongings. Condo owners should purchase their own condo insurance policy to protect their units and belongings.

2) Make sure your policy provides special limits of liability for any items you own that may require additional coverage. Think jewelry, silverware, furs, firearms, or even money and passports that you keep at home. You may want to consider adding a jewelry and fine arts rider to adequately protect these valuable items above and beyond the condo insurance policy limits.

3) There are many additional coverages you should consider when selecting your condo insurance policy. Things like debris removal, fire department service charges, and even lock replacement coverage can all be covered with the right plan.

4) Did you know that your condo insurance policy can also provide personal data replacement coverage and identity fraud expense coverage, along with complimentary theft management services? Ask your independent agent about how to get these coverages today!

5) Don’t forget to check on your personal liability coverage when assessing different condo insurance policies. This coverage provides protection in case someone is injured on your property or if you damage someone else’s property.

Here at Lighthouse, we know the Boston Condo Market like the backs of our hands. Get in touch today at 617-464-3777 or visit our website for more advice on how to protect your big investments!

 

Roommates and Renters Insurance — What You Should Know

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Did you know that buying renters insurance is one of the easiest and most cost-effective ways to make sure the belongings in your apartment are protected? Renters insurance ensures that your stuff is covered in case of a fire, theft, or even if your crazy ex decides to get revenge with a baseball bat to your car. It even provides protection from lawsuits resulting from bodily injury or property damage you inadvertently cause. Plus, any time you are displaced from your home due to a loss, like a fire, your renters insurance policy can also help cover expenses like hotel bills, home rentals, or even restaurant bills during the period of time when your apartment is out of commission or while you find a new place, if it comes to that.

Before you run out to buy renters insurance, which we know you’re about to do, here are a few things to know, especially when it comes to getting a policy when you have roommates.

  • A single renters insurance policy can cover a maximum of 2 people. If you have more than 1 roommate, they will need to purchase their own policies.
  • Adding a roommate onto your policy will not change your premium, meaning sharing a policy with your roommate can be very cost effective.
  • Even if your roommate is not on the lease for your apartment, they can still be added onto your renters insurance policy.
  • When you make a claim, any check you receive from your insurance company will be made out to all parties on the policy. This means that even if the check is to cover damages or losses to only your belongings, your roommate will still have to co-sign the check. So choose your policy buddy carefully!
  • In the event that your roommate damages your belongings, these losses will not be covered if they are on your policy. Again, make sure you can trust your roommate before adding them onto your renters insurance policy!

Sounds good right? Call Lighthouse today at 617-464-3777 or visit our website to learn more about renters insurance along with all of the possible discounts you could qualify for.