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.