Condo Insurance in New Hampshire

Also providing condo insurance to residents in Massachusetts, Maine, Rhode Island, & Vermont.

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What is condo insurance?

Owning a condo unit bears similarities to owning a single-family house, yet it also has substantially different aspects. Condo owners in New Hampshire similarly need insurance that’s like, but not quite the same as, insurance for a single-family house. That’s what condo insurance is.

Condo insurance is a specialized homeowners insurance tailored for condominium units. Policies typically provide coverage for the condominium, the policyholder’s belongings and the policyholder.

Who in New Hampshire needs condominium insurance?

Any individual owning a condominium in New Hampshire should consider getting condominium insurance. So too should most owners of townhouses, cooperative housing and similar residences.

For many condominium owners, certain coverages are mandated by a lender and/or condominium owners association. Lenders frequently require basic property coverage for the unit, so they’re likely protected even if the unit is a total loss. Owners associations may require property and/or liability coverages, depending on the specific association and its bylaws.

Condominium owners should make the mistake of only getting mandated coverages, however. Properly insuring a condominium requires evaluating an owner’s risks and coverage needs, and basing policy selection on those rather than a minimum requirement from another party.

What is an HO-6 homeowners insurance policy?

Condominium insurance falls under the broad umbrella of homeowners insurance, and these policies follow a system of coding for different policy types. The system uses the prefix “HO” followed by a number.

The HO-6 abbreviation generally corresponds to a standard condominium policy, and is often seen as the default choice for condo owners. The HO-6 policy forms the base upon which additional coverage can be stacked. For example, owners might adjust coverage with something like:

• HO-32: Commonly extends the range of protections
• HO-33: Typically designed for rented condos
• HO-35: Usually includes loss assessment coverage 

There are many more add-ons available. A knowledgeable insurance agent who specializes in condominium insurance needs can help with selecting the right policy type for a particular unit.

What coverages does condominium insurance provide?

While the specifics of condo policies can vary greatly depending on the policy and any selected add-ons, most policies offer a set of basic protections:

• Structural Coverage: May cover the condo unit itself against various forms of damage.
• Personal Property Coverage: May cover personal belongings within the unit or a storage area.
• Personal Liability Coverage: May cover a range of liability lawsuits filed against the owner.
• Loss Assessment Coverage: May cover special assessments following a loss affecting the entire association.

What is loss assessment coverage in a condo policy?

Loss assessment coverage is generally unique to condominium policies, and isn’t often found in many other types of homeowners policies.

The coverage might pay for special assessments that the condo association imposes to cover the costs of the association’s own insurance claim.

For example, if a severe storm causes extensive damage to the condo complex’s shared spaces, a large special assessment may follow if there aren’t sufficient reserves. Loss assessment coverage might help a unit owner cover their share of this type of special assessment.

A condominium policy’s loss assessment coverage usually doesn’t cover assessments unrelated to a loss or lawsuit. Assessments used for capital improvements are unlikely to be covered.

How much structural coverage should condo owners get?

Structural coverage is a standard part of most homeowners policies, and condominium policies aren’t an exception. Because of the unique structure of condominiums, however, these policies can offer unique levels of structural coverage:

• Bare Walls-In Coverage: Typically covers only the walls and basic systems (e.g. plumbing, electrical) of a condo unit.
• Single Entity Structural Coverage: Typically adds coverage for the original fixtures within a unit.
• Modified Single Entity Structural Coverage: Typically adds coverage for upgraded fixtures within a unit.

As a broad rule, condo owners should aim to purchase coverage that fills in the gaps left by their association’s policy. Some associations may already have a policy that covers certain features within a unit. 

An experienced agent can help condominium owners review their association’s policy, and select a structural coverage for their unit accordingly.

How can condo owners in New Hampshire secure condo insurance?

If you’re in New Hampshire and need condo insurance for your unit, the independent insurance agents at Insurance24 are ready to assist. We’ll make sure you find a policy that’ll protect your condominium well.