Affordable Condominium Insurance in New Hampshire

Condominium Owners Have Unique Coverage Needs

If you own a condominium or co-op in NH, you have both common and personal insurance needs. Finding the best condo insurance in NH can be challenging, but we have the solution. Let’s start by understanding your specific requirements and the coverage options available.

Typically, your condo or co-op association has a master policy that insures all the property and common areas collectively owned by the unit owners. But how do you cover the cost of damage caused by a kitchen fire or the theft of your personal items?

A condominium or co-op insurance policy is designed specifically to meet your unique homeowner needs. This includes coverage for your personal possessions, structural improvements made to your living space, and additional living expenses incurred due to an accident. Protect your condo in NH with the right insurance policy tailored for you.

Property Protection

After you’ve determined what’s covered by the association’s master policy, a personal condominium/co-op policy will help to safeguard you from losses to your personal property and the interior of your unit. As such, you will need to estimate the following:

• Repair or Replacement Costs: Estimate the cost to repair or replace the interior of your home if damaged, including fixtures, kitchen cabinets, plumbing, wiring, built-in appliances, and more (if not covered by the association’s master policy).
• Contents Replacement Costs: Calculate the cost to replace the contents of your home.

To assist you, we provide a form for conducting a thorough inventory of your home. This will help you determine your personal property policy limits, ensuring you have the right amount of coverage in the event of a covered loss.

We recommend insuring your personal property for its replacement cost value rather than actual cash value. The longer you own your belongings, the less value they hold. Replacement cost value ensures you can replace yesterday’s purchases at today’s prices.

Liability Protection

In addition to covering your belongings, the liability portion of your condo insurance policy protects you against lawsuits for bodily injury or property damage caused by you, a family member, or even your pets. It covers both litigation costs and court awards, up to your policy limit, and protects you at home and away. Liability limits typically start at $100,000. For additional coverage, consider an umbrella or excess liability policy, which provides broader protection when liability limits in underlying policies are exhausted.

If a visitor is injured in your home, medical payments coverage allows them to submit medical bills directly to your insurance company. This benefit ensures that expenses are paid to the injured person, up to the policy limit, without a liability claim being filed against you.

Additional Condominium Coverages to Consider

Unit Assessment Coverage: Unit assessment coverage reimburses you for expenses passed on to you by the association due to a special assessment, provided the cause of loss was covered by the association’s policy.

Sewer Backup Insurance: Additional water backup coverage insures your property against damage from the backup of sewers and drains (excluding flood protection). This coverage is not always included in a standard condo/co-op insurance policy.

Flood or Earthquake Coverage: Floods and earthquakes can strike anywhere, making it crucial to understand your risks and explore coverage options. We’d be happy to provide detailed information about protecting your property against losses due to a flood or earthquake.