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What coverage does condo insurance offer

Newmarket is one of the nicest places to live in New Hampshire. With a population of just slightly over 9,000, it is a small town. It is also a great place to own a condo. Even in great places, perils exist, and if one of them should affect your condo, you want to make sure you will be able to have the money to deal with it. At Keslar Insurance Agency in Newmarket, NH, our team has the experience you count on to find the right insurance at a fair price. 

Unlike home insurance, with condo insurance, you have a condo master policy covering parts of your unit. Since condos share walls, roofs, common areas, and more, the areas your personal condo policy covers are more limited than in a detached home. 

Building coverage

Read the master policy to understand where your coverage begins. Many policies are walls in which means built-ins and cabinets, etc., are covered by your condo policy. 

Content coverage

Contents include all of your furniture, personal possessions, and electronics. Your condo insurance covers your possessions whether they are in your condo or traveling with you. You have two options for coverage replacement cost or actual value. 

Liability coverage

The master condo policy provides liability insurance for common areas, but they are your responsibility when someone is in your unit. If they are injured and choose to sue, your liability insurance will help pay any medical expenses, judgment, and legal expenses.  

Loss of use

When your condo is damaged, it may not be habitable. In that event, you will need to find another place to stay. This can be a hotel, and if the loss of use will be extended, then another more permanent place to stay. You can get this coverage as part of condo insurance. 

Contact Keslar Insurance Agency in Newmarket, NH for your condo insurance needs. 

Do Condo Associations Provide Insurance?

Just about all condos are run by a condominium association. Usually consisting of an elected group of people who live in the community, this association oversees the upkeep of the general areas and helps enforce any rules that may be in place. If you live in a condo, your HOA fee typically covers the condo association’s activities (particularly when it comes to upkeep and maintenance). But what about insurance?

At Keslar Insurance Agency, we are meeting an increasing amount of condo owners because of the modern movement toward more practical living situations. With this, we’ve also met a lot of people who aren’t quite sure whether their condo association provides insurance or not. The answer? It’s complicated.

The truth is that every condo community is different, and some do indeed provide full condo insurance for each unit as covered by the HOA fee. That said, this is not the case for most. Local laws also vary, and in Newmarket, NH, condo associations are not required to provide insurance for individual condo owners.

For the insurance that is included in your HOA condo fee, it typically only covers any common areas or shared spaces throughout the community (like pool areas, parking lots, parklets, halls, and stairways, etc.). In some instances, it may also cover some things in your unit deemed beyond your control. This could include damage caused by faulty wiring or construction done before you got there or damage caused by a maintenance crew there to work on the public areas. Even so, it’s essential to read your HOA contract and any attached insurance policy thoroughly in order to understand the nuances of what it may or may not cover. 

If you’re like most condo owners, though, you will need your own separate policy for your individual unit and everything in it. We provide a range of coverage options at Keslar Insurance Agency for Newmarket, NH area condo owners. Give us a call at your convenience to learn more. 

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