Most condominium associations provide insurance that will cover exterior building structures against damage or destruction. However, as a Manchester area condominium unit owner, you are responsible for insuring your unit’s interior walls, any interior improvements you’ve made, and your personal property. A condominium unit owner’s policy also provides coverage for personal liability exposures associated with condo ownership.
A few tips when buying condominium insurance:
- If your condominium association’s master property policy has a deductible, you should purchase dwelling coverage at least equal to the deductible amount as part of your unit owner’s policy. Because association deductibles can range from $1,000 to $25,000 or more, dwelling coverage can prevent out-of-pocket expenses arising from a property loss to your individual unit.
- Consider purchasing at least $10,000 of loss assessment coverage, which covers assessments to unit owners for losses that impact the entire association (such as windstorm damage). The standard unit owner’s policy only provides $1,000 of loss assessment coverage.
- For broader coverage, ask for the special form unit owner’s policy, which provides open perils coverage – that is, coverage for any cause of loss that is not specifically excluded by the policy. The standard form policy only covers perils listed in the policy.
Our New Hampshire licensed insurance professionals are available to provide you with a condominium insurance quote. If you would like a staff member to contact you, please submit our Request a Quote form.
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Cullity Insurance
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57 Market St. – Manchester, NH 03101
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603-669-4300
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Copyright 2006 Cullity Insurance
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