ANSWER
A condo owner usually needs a unit owners policy, often called HO-6, plus flood insurance if the building or lender requires it or the condo is in a flood risk area. In Massachusetts, your standard homeowners policy does not cover flood damage, and a mortgage lender can require both the condo coverage and flood coverage depending on the building and location.
YOUR NEXT DECISION
Turn the answer into your next step
- Get the condo association’s master policy and bylaws.
- Ask whether interior finishes and improvements are covered by the master policy.
- Check whether your lender requires unit owners coverage and flood insurance.
- Ask whether the building has a per-unit deductible that your policy must cover.
- If the condo is near a flood zone, verify flood risk with FEMA maps and the association.
What coverage a condo owner usually needs
For a condo near Northeastern University, the key policy is a unit owners property policy that covers what’s inside your unit when the master condo policy does not. Massachusetts says standard homeowners insurance does not cover flood damage, and a lender can require flood insurance on top of that if the property is in a flood zone or if the mortgage demands it.
- The condo association’s master policy usually covers the building exterior and shared areas, not your personal property or interior finishes.
- Fannie Mae says a unit owners policy is required when any interior portion or improvements are not covered by the master policy, or when the master policy has a per-unit deductible.
- Massachusetts says there is no state law requiring flood insurance, but lenders usually require it when there is a mortgage.
Flood insurance for a condo in Boston
If the condo is in a flood-prone area, flood insurance matters even if it is not required by law. FEMA’s NFIP sets the baseline flood coverage rules, and condo associations often carry a master flood policy for the building while unit owners may need separate contents coverage for their own belongings.
- NFIP building coverage is capped at $250,000 and contents coverage at $100,000.
- Association master flood coverage generally does not protect a unit owner’s belongings.
- For owners, separate contents-only flood coverage is often the part to check first if the association already insures the building.
What to ask for before you buy
Before closing, ask the condo association for the master policy and the governing documents so you can see exactly what the building policy covers and what the lender will expect from you. Fannie Mae says the amount of unit owners coverage should be enough to restore the uncovered interior and at least match any per-unit deductible if there is one.
- Confirm whether the master policy covers interior unit finishes or only the common building shell.
- Check whether the association requires owners to carry HO-6 coverage as part of the bylaws.
- If the lender needs proof, ask your insurer to match the condo documents and loan requirements, not just a generic policy amount.
Sources
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