New Hampshire Condo Insurance

Understanding New Hampshire Condo Insurance

Settling in New Hampshire is a wise decision that many residents made long ago. Over the years, the state has increased in population and jobs. The fact that there is no state income tax is appealing to some. Others come for the landscape diversity. You’re never far away from a lake, mountain or beach. But, planting roots doesn’t necessarily mean buying the traditional house with a white picket fence. New Hampshire’s housing offerings are as diverse as its population and landscape. For many, condominiums are the perfect choice for an equity building property that doesn’t require the upkeep of a standard detached home. Make sure you have insurance through a New Hampshire condo insurance policy.

Condo Sales January During Previous Years

  • Last year: 163 units sold
  • Previous year: 182 units sold
  • 11.7% increase in units sold in one year
  • Recent median selling price: $150,000
  • Previous median selling price: 141,700
  • 5.5% decrease in median selling price

Benefits of Owning a Condo or Townhome

  • The homeowners association (HOA) takes care of maintenance.
  • There are amenities like gyms, swimming pools, and playgrounds.
  • Condos provide a community-like environment.
  • Condos are typically located in desirable locations.
  • Condos have added security.

Protecting Your Condo with New Hampshire Condo Insurance

While New Hampshire condo insurance is similar to a standard homeowners policy, condo insurance is a little bit different. When you purchase a condo, you’re responsible for obtaining a condo policy, also called HO-6 insurance. HO-6 insurance works together with the HOA master policy, which provides insurance for the entire building. Unfortunately, many owners assume that they only need a minimum amount of personal insurance because the master policy covers the building. This isn’t true.

Before making a final insurance decision, review your HOA master policy. It should come with your purchase documents. You’ll notice that most master policies will only ensure the bare bones of a condo or townhome. Even if your condo comes with wood flooring, wall coverings, and appliances, the HOA master policy may not cover those items. While New Hampshire isn’t prone to natural disasters, if a fire breaks out and you don’t have adequate coverage, you’re responsible for covering what many refer to as “the gap.”

For example, let's say your HOA policy covers common areas and your unit's exterior framing and has a $3,000 deductible. Also, assume your condo policy insures your unit for $10,000. If there is a loss, you will be responsible for the first $3,000 in structural damage to your unit. You will also be responsible for damage to your unit's interior and personal property beyond the policy of $10,000. In addition, you will be responsible for items that your policy specifically excludes. So, make sure your condo policy covers you for the following:

  • Items not covered by your HOA master policy, such as fixtures, appliances, cabinets and wall coverings
  • Additions and upgrades that you have made to the unit
  • Personal belongings
  • High-value items that are specifically excluded from homeowners or condo insurance policies

Closing the Gap with New Hampshire Condo Insurance

Purchasing the right New Hampshire condo insurance coverage is your main layer of protection between losing thousands of dollars and receiving insurance claim benefits. An agent can help you review your HOA master policy to determine exactly what is and isn’t covered. Your member agent can then help you compare New Hampshire condo insurance quotes from various insurers.

Contact an independent agent in our network right away to get reliable insurance, and really start enjoying the benefits of living in a condo.

Now, who's ready to get their insurance problems solved?