Massachusetts HOA and condo insurance, where the condominium statute sets no replacement-cost percentage and the master deed controls. Chapter 183A leaves the property standard to the governing documents and the lender

Greater Boston drives the market, with a dense stock of older brick, brownstone, and triple-decker condominium conversions across Boston, Cambridge, and Somerville alongside mid-rise and high-rise towers in the Seaport and downtown. The age of much of that building stock makes ordinance-or-law and equipment-breakdown exposure especially relevant, and winter freeze and ice-dam water losses are recurring claim drivers.

Coastal condominiums on Cape Cod, Nantucket, Martha's Vineyard, and the South and North Shore carry hurricane and nor'easter wind exposure and tighter property capacity. Inland, small self-managed associations are common, and they still owe the statutory fidelity obligation regardless of size once they cross the unit threshold.

Two variables dominate. In Greater Boston, the age of the building stock drives ordinance-or-law and equipment-breakdown exposure, and winter freeze, burst-pipe, and ice-dam losses are recurring New England claim drivers that shape deductible structure. On the coast, Cape Cod, the islands, and the South Shore carry hurricane and nor'easter wind exposure, and wind capacity there can be tight enough that some associations rely on the state FAIR Plan or specialty capacity to place the wind peril.

Placement runs through the community-association specialty markets, sized to the building type, age, and coastal exposure. Because the statute sets no property floor, the recurring gap is a master policy written to a negotiated or outdated figure rather than to full replacement cost, which surfaces at the worst time, at a claim or a unit sale, alongside a fidelity bond that has drifted below the one-fourth-of-assessments statutory line as the budget has grown.