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.