Question: Before the kids move back, [only half kidding!] my wife and I are thinking about selling our Wellesley home and buying a condominium in Wellesley. I understand that with a condominium, we will own our own unit outright and also have a common interest in other parts of the property. How does insurance cover this type of living arrangement?
Bill’s Answer: Buying a Wellesley condominium is always a good choice and most only have TWO bedrooms! Sorry, kids.
When purchasing a Wellesley condominium, you insurance coverage needs are twofold: a condominium association policy and a unit owner’s policy.
The condominium association policy is purchased by the association and cover the building, hallway, garage, in short all the areas in which you share common ownership. The unit owner’s policy is purchased directly by you to cover your personal property within your individual unit.
Your best protection in buying a condominium is your willingness to ask the right questions and receive satisfactory answers. Hire us as your Wellesley condominium buyer agents and Mark and I will get you the answers.