When purchasing a condominium, you might not realize that you should purchase condominium insurance. Condominium communities generally retain a master insurance policy, but this will not offer the protection that you might think. It is important for you to understand what master insurance actually means and the additional coverage available with individual NH condo insurance policies. This blog covers an overview of condominium insurance in NH.
Overview of Master Insurance and What It Generally Includes
Master insurance policies for condominiums generally protect the structure and common features (such as halls, stairways, and the exterior). It may not include dedicated items such as heating and cooling, electronics, upgrades, etc. Most importantly, it does not cover personal assets such as furniture, jewelry, and clothing. Policies differ, so be sure to ask for a copy of the master insurance policy for your specific development and determine what it does and does not cover.
What Individual MA Condominium Insurance Insures
MA individual condominium insurance policies do not include the infrastructure of the building, since that is addressed by the master policy, but is otherwise similar to normal homeowners insurance policies. It usually insures against theft, fire, certain weather damage, vandalism, debris, and impact involving automobiles or planes. It can also include personal liability protection which applies if people become injured in your home or if you damage someone else's home. A minimal coverage is normally included for personal assets. Additional coverage may be purchased for jewelry, equipment, collectible items, and high-end improvements (such as a gourmet kitchens or high-end appliances).
Average Premiums and How to Begin
A majority of the time, NH condominium insurance is much less expensive than general homeowners insurance. Be sure to contact your insurance company for tips on how much coverage you should have. Your agent will want to know the square footage and amenities of your unit plus what you have for personal belongings. He/she might also ask for a copy of your master insurance policy to confirm what is included. Completing this important process will confirm that you have the right coverage for your circumstances.