The top selling condo’s in Boston include some of the most posh addresses. Many that you would expect.
But When it comes to insurance, do you get what you paid for?
First the list, Ten sales but only half as many buildings.
- The heritage 7.1 Million
- The mandarin 7.0 Million
- Clarendon 6.5 million
- 3 Commonwealth 6.5 Million
- The mandarin 6.3 million
- 50 beacon Street 6.25 Million
- Clarendon 6.225 Million
- Clarendon 5.9 Million
- Clarendon 5.7 Million
- 3 Commonwealth 5.75 Million
So what is the point! I guess it is that people have a lot more money than me. But the real point is that after spending all this money, it would amaze you that this huge investment is not insured properly.
In most cases, if you add up the sales prices of the building and compare that to the insurance policy insured value, it has little or no relationship.
For all you smarty pants, I know that you do not insure for the sale value, but for the actual replacement value. That being said, my guess is that each one of these buildings may be underinsured.
If you paid 7,000,000 for a property and saw that you had $3,000,000 in coverage, I would think that this would be cause for a raised eyebrow and some questions.
Protect your assets, and let me know when the housewarming party is.