As a condo owner, you have exposures beyond the coverage provided by the condominium or co-op association. While the association will normally cover liability for accidents affecting your guests while they are on common property (pool area, walkways), and your own condo policy provides liability insurance for accidents occurring in your residence, the amount you have may not be enough, especially in today’s litigious environment.
If you want extended liability limits, a personal umbrella insurance policy will offer you the ability to add to the amount of coverage you have. Not only will an umbrella policy extend the limits on your condo policy, but it will also extend coverage of your other liability policies, such as automobile and boat.
Some examples of why you could be sued and the need for additional liability insurance
There are instances when you might need additional liability coverage, including the fact that multi-million dollar judgments are commonplace and attorney fees can be significant and your standard policy may simply not be enough. Moreover, many of the risks aren’t immediately apparent, but now is the time to consider this important coverage, since it needs to be in place in order for you to take advantage of the benefits the added coverage provides. Following are some incidents that can occur you should consider:
- You may be involved in a car accident with someone who gets severely injured and you are sued and found responsible; the limits on your auto policy will fall short in a million-dollar lawsuit
- Someone could accidentally fall or get injured on your property – inside your condo – and sue you for bodily injury
- While playing golf you might hit another player with a stray ball who ends up with a severe head injury
These are all occurrences that could take a toll on your personal finances without the added protection of a personal umbrella that serves to enhance your Massachusetts condo insurance.