What Every Condo Owner Needs to Know About Insurance

Condo or Condon’t — Condo Insurance

You’ve taken the plunge and opted for condo life.  Now that the papers are signed, it seems like everything is taken care of for you—building maintenance, roof repairs, landscaping, insurance, etc.  It’s time to relax because everything is covered, right?   

Not quite.  The insurance policy provided by the condo association covers the building structure and common areas, but what about potential structural damage to your unit and coverage for your belongings?  Without a personal condo insurance policy, you could be left high and dry if your unit floods, is damaged in a fire, etc.

Most condos need the following two types of insurance policies:

 

Master Policy:  Generally provided by your condo association, this policy covers the physical structure of the building, including basement, roof, walls, elevators, lobbies, etc.  Coverage usually includes both physical damage and liability. Be sure to get a copy of the policy so you know what’s covered.
 
Personal Condo Insurance Policy:  This will cover additional structural damage to your unit, including cabinets, appliances, personal belongings, and more.  This also covers living expenses if you fall victim to a fire, theft, or other covered disaster.  Many insurance carriers, such as Safeco Insurance^TM, offer enhancements that include personal property protection in your condo insurance policy.

Other types of coverage to consider:

Umbrella Policy:   If someone were to trip and fall inside or near your condo for instance, they could sue both you and the condo association.  Umbrella insurance provides additional layers of liability protection and can protect against lawsuits that target both your current and future earnings.

Flood or Earthquake:  Read the fine print on your policy; a standard condo policy typically will not cover damage resulting from these types of disasters.  Additional coverage may be required if you live in a prone area. Although anything can happen, here in New Hampshire, earthquakes may not be a significant threat, but all areas are susceptible to flooding, especially if you live near a river, lake, or other body of water.

At Hunkins & Eaton Insurance Agency in Littleton and Lisbon, NH, we’ve been protecting New Hampshire residents since 1880. To learn more about condo insurance in NH, or to get a free quote, call us today at 603-444-3975 or click here to contact us online. For additional important insurance information and other useful resources, please read our other blog posts, and connect with us on Facebook, Twitter, and Google+.