This is the tenth and last installment in our video blog series on Questions to Ask Before Buying a Condo in Andover and beyond. If you’re thinking about buying a condo in Andover or anywhere in Massachusetts, you’ll want to be informed on every aspect of the property before you purchase it. It’s important that you know just the right questions to ask to uncover any issues before you buy.
What does the Master Insurance Policy cover?
You may think that if something from the outside affects the inside of a condo such as a roof leak, the condo association is responsible for it. The truth is, you may be responsible.
To find out what you are responsible for, you must ask, what does the master insurance policy cover? Typically you’ll hear the words, “Studs In” or “Studs Out”. If the condo association has a “Studs In” policy, this means if you were to turn the condominium upside down, everything that doesn’t move the condo association is responsible for. “Studs Out” policy means everything from the wall board in and all the fixtures attached to it, you are responsible for.
To make sure you have coverage for all items inside, get an individual condo unit owner policy, which is called an HO6, from your insurance provider.
More Questions to Ask Before Buying a Condo:
1. What is the Condo Fee & What Does it Cover?
2. What are the Condo Rules & Regulations?
3. How Much Money is in the Reserve Account and How Much is Funded Annually?
4. Are There Any Pending Special Assessments?
5. Who Manages the Condo Complex?
6. Is the Condo Association Involved in Any Pending Legal Actions?
7. How Many Condo Units are Owner Occupied?
8. How Many Condo Units are Delinquent on Paying Their Condo Fee?
9. Do Condo Unit Owners Have Exclusive Easements or Right to Use Certain Common Areas?
10. What does the Condominium Complex’s Master Insurance Policy cover?
For over 30 years the Prime Property Team and Ron Carpenito of Keller Williams Realty Andover have been helping home buyers and sellers in Andover, North Andover, Haverhill, and the Merrimack Valley with their real estate goals. If you’re thinking of buying or selling a home anywhere in Massachusetts or know someone who is, contact Ron today at (978)494-0346.
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