Condo Insurance
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Condo Insurance in New Hampshire
What is condo insurance?
Owning a condominium presents a unique combination of insurance considerations. It’s somewhat like owning a single-family house, but not entirely the same. To meet the unique insurance needs of New Hampshire condominium owners, there’s condo insurance.
Condo insurance is a form of homeowners insurance designed for condo units. Policies generally offer appropriate protection for properties located within multi-unit residential buildings.
Who in New Hampshire needs to purchase condominium insurance?
Most New Hampshire residents who own a condominium should have condominium insurance. This can encompass traditional condominiums, townhomes, cooperative housing project units and similar residences.
In many cases, condominium owners are required either by a mortgage and/or their association’s bylaws to carry insurance. Lenders typically require basic insurance so that their financial investment in a unit is protected. Associations often require insurance to ensure that a unit can be rebuilt after a disaster.
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Coverages to Consider
- Structural Coverage
- Personal Property Coverage
- Personal Liability Coverage
- Loss Assessment Coverage
What protections do condominium policies make available to condo owners?
The specific policy and add-ons that are chosen can greatly impact the protections that a condominium insurance policy provides. Nonetheless, there are some basic protections that most policies offer as standard or optional features:
- Structural Coverage: Might protect the insured condo unit itself
- Personal Property Coverage: Might cover personal belongings kept within the condo
- Personal Liability Coverage: Might address various liability lawsuits
- Loss Assessment Coverage: Might cover special assessments resulting from association claims
What are HO-6 homeowners insurance policies?
Condominium insurance is considered a form of homeowners insurance, and the insurance industry identifies various homeowners policies with abbreviations. The abbreviation system is “HO” followed by a number.
HO-6 is the code for a standard condominium policy, and many condo owners end up getting this type of policy. A policy can be further customized by adding other features. Some other features include HO-32 (usually adds more protections), HO-33 (usually for leased condominiums) and HO-35 (usually adds loss assessment coverage). There are still more to consider.
An insurance agent who specializes in condominium policies can help ensure that owners get the right policies for them and their unit.
What is loss assessment coverage in a condominium policy?
Loss assessment coverage is one of the protections that’s generally particular to condominium insurance. The coverage is intended to help owners manage a special assessment that’s assessed to cover association rebuilding costs after a covered incident.
For example, a condominium complex’s entryway, exterior pool and lounge area, and landscaping may be substantially damaged during a major storm. If the association doesn’t have sufficient reserves and insurance coverage in place, the association could be forced to levy a special assessment. Loss assessment coverage might help a unit owner cover the special assessment.
It should be noted that loss assessment coverage normally doesn’t extend to annual assessments, or special assessments that are used for capital improvements.
How much structural coverage should condo owners purchase?
Structural coverage is common to most homeowners policies, but condominium policies present unique options when choosing structural coverage. Policies may cover various structures within a condominium:
- Bare Walls-In Structural Coverage: Typically provides coverage for only the fundamental walls and systems (such as electrical and plumbing) within a condominium unit
- Single Entity Structural Coverage: Typically covers the walls, systems, and standard features that were initially included with a unit
- Modified Single Entity Structural Coverage: Typically covers the walls, systems, standard features, and optional upgrades within a condominium unit
As a general guideline, condominium owners normally should purchase coverage for whatever their association’s policy doesn’t cover. An insurance agent who specializes in condominium owner and condominium association policies can help unit owners review their association’s policies. Then, the right amount of structural coverage can be purchased.
How can New Hampshire condominium owners get condo insurance for their places?
If you need condo insurance for a condominium somewhere in New Hampshire, contact the independent insurance agents of Portsmouth Atlantic Insurance. We’ll work closely with you to make sure your unit is properly protected.
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