Best New Hampshire Condo Insurance

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  • Best New Hampshire Condo Insurance

Exploring the vast natural beauty of New Hampshire is easier if you have a condo, thanks to the lower purchase price and absence of personal maintenance you need to perform. Unfortunately, condos aren’t immune to property damage, and you should protect your unit accordingly.

Personal condo insurance is called HO-6 insurance, and while it may not always be required for you to have, you should never overlook the benefits of a policy.

This guide discusses all the pertinent information you should know about condo coverage and offers valuable tips for help shopping for the best condo insurance in New Hampshire.

How Much Is Condo Insurance in New Hampshire?

The average New Hampshire condo insurance cost is $350 annually or $29 per month. Average rates ranged from $25 to $44 monthly, depending on the amount of coverage you want.

Your actual cost could be higher or lower than this range based on your circumstances. Average condo insurance in New Hampshire varies based on your location, desired coverage amounts, claims history, and more. It also depends on your provider, as different companies have different ways of calculating rates.

The table below shows average New Hampshire condo insurance rates at different coverage amounts.

Average Cost of Condo Insurance in New Hampshire

City

$20,000 to $49,999
$50,000 to $74,999
$75,000 to $99,999
$100,000 and over

Avg. Annual Rate

$301
$360
$387
$528

Avg. Monthly Rate

$25
$30
$32
$44

The average annual rate for $100,000 and over in coverage is so high because it includes rates for extremely high-end condos, which are generally outliers. Most people will be comfortable with $20,000 to $75,000 in coverage, so you’ll likely pay around $25 to $32 every month for your condo insurance in New Hampshire unless you live in a high-value property or own several very valuable items, like rare art or expensive jewelry.

A Simpler Way to Get Condo Insurance

Protect everything your condo association doesn’t with a custom condo insurance policy at an affordable price.

What Does Condo Insurance in New Hampshire Cover? 

Condo insurance in New Hampshire provides coverage in several key areas for the interior of the unit and your finances in case of covered damage. Policies protect from sources of damage known as perils, such as theft, fire, wind, and water damage.

Your policy protects you in several ways, typically separated in your policy in the following ways:

Personal Property Coverage

Personal property coverage covers your furniture, appliances, clothing, electronics, and more from covered peril damage. Your insurer can reimburse you when they’re damaged or stolen.

Loss of Use Coverage

Loss of use coverage assists with additional living expenses if your unit becomes uninhabitable due to a covered peril, such as a fire. Your insurer can reimburse you for your groceries, lodging, gas, and more while you’re relocated.

Liability Coverage

Liability coverage financially protects you in the event you’re found legally responsible for injuries or property damage you caused to someone else. Your carrier can cover medical bills, legal fees, and more.

Medical Payments Coverage

Medical payments covers minor injuries someone can suffer at or around your unit regardless of fault. Medical payments has much smaller limits than liability coverage and is meant for minor injuries only.

Loss Assessment Coverage

Loss assessment coverage can help cover special assessments your condo association lays on you if your complex suffers covered damage that exceeds the association’s insurance. Sometimes, the condo board will pass such costs off to residents as assessments, and loss assessment coverage can help cover you in these scenarios.

Building Property (Dwelling) Coverage

Dwelling coverage in condo insurance financially protects surfaces and fixtures in the unit, such as the floor, counters, and cabinets, from covered peril damage.

How to Get the Best Condo Insurance in New Hampshire

Getting the best condo insurance in New Hampshire requires an understanding of your coverage needs so you can fully protect yourself and your liability. You should also compare plans from several providers to judge their rates and customer service.

Some providers will allow you to quote your policy totally online. Other times, you’ll need to talk with a representative or agent. Take note of the different rates and experiences you have. You should also know a few specifics about your policy before quoting so you know what you’re looking for.

Know How Your Master Policy Works

Typically, every condominium development has what’s known as a master policy. This is an insurance policy purchased by the condo board or homeowners association (HOA) that covers the complex common areas, like the lobby, clubhouses, amenities, hallways and elevators, and building exteriors. Residents help pay for the HOA master policy with HOA dues monthly.

There are two types of master policies, and the kind of plan your HOA has can influence your personal condo insurance. The types of condo master policies are:

  • All-in coverage
  • Bare walls coverage

All-in or walls-in coverage provides protection for some interior elements in your unit, such as flooring, light fixtures, and countertops – things in the unit before you move in. Bare walls or walls-out coverage, on the other hand, protects nothing in your unit. It only covers common areas and exteriors.

Dwelling coverage is usually optional in personal condo insurance. Residents with walls-out HOA plans should get dwelling coverage and ensure that their limits appropriately cover the value of the features in their unit, especially if they’ve made upgrades since you moved in, like installing new counters or floors.

Recognize Actual Cash Value vs. Replacement Cost

Your policy can cover you from covered peril damage in two ways: actual cash value or replacement cost coverage. Know which one you have so you’re not surprised when you file a claim.

If your policy has actual cash value coverage, your provider will subtract depreciation for damaged items before reimbursing you for them. Everything depreciates, and you’ll never fully get back what you paid for an item with actual cash value coverage.

With replacement cost coverage, your carrier will reimburse you enough to pay for a nearly exact replacement of what was damaged, so you essentially get back what you paid regardless of the item’s age. 

The best condo insurance in New Hampshire will probably cover your items at replacement cost if you can fit it into your budget. Depending on what you own, you might feel comfortable with actual cash value coverage. 

Consider Endorsements

Sometimes, you’ll need to consider endorsements to ensure your condo insurance aligns with your specific needs. Endorsements are optional coverages that protect against occurrences not covered by default.

For instance, companies offer endorsements for valuable items like jewelry or fine art, allowing you to insure them for their full value. Standard personal property has sub-limits for such items, as sometimes a single piece of jewelry can cost tens of thousands of dollars. Look into scheduled personal property coverage if you own such valuables.

Other common endorsements include protection for home-based businesses, water backup, identity theft, and more. They cost extra, but they can be handy if needed. And, the cost of endorsements will vary by provider. Ask companies when quoting if you think you may need an endorsement. 

A Simpler Way to Get Condo Insurance

Protect everything your condo association doesn’t with a custom condo insurance policy at an affordable price.

Tips on Getting the Cheapest Condo Insurance in New Hampshire

If you’re looking for the cheapest condo insurance in New Hampshire, you should shop around and compare quotes from a few providers. You can also adjust your policy limits, raise your deductible, and ask for discounts to eke out even more savings.

Adjust Policy Limits

Review and adjust the limits in your policy. Ensure that you have adequate coverage without overpaying. You should make a home inventory listing the price of everything you own to determine the precise amount of personal property coverage you need.

You can also raise or lower your liability limits to fit your budget. However, we don’t recommend dropping them down to the minimum, which is usually $100,000, as that won’t get you very far in a major liability claim. 

You can also consider and review your need for dwelling and loss assessment coverage. Passing on them lowers your premiums, but it won’t be worth it if you need them.

Raise Your Deductible

Opting for a higher deductible can lower your insurance premiums. However, make sure you choose a deductible amount you can afford to pay out of pocket. If you set your deductible too high, you’ll end up costing yourself too much money constantly paying for property damage yourself.

Ask for Discounts

You should always inquire about available discounts to help achieve cheap condo insurance in New Hampshire. Some carriers offer discounts for installing safety features like smoke detectors or burglar alarms. Insurers also often have discounts based on loyalty, military status, retiree status, and membership in certain professional organizations. You may also be able to save some serious cash by bundling insurance plans.

Is Condo Insurance Required in New Hampshire?

No one is required to have condo insurance by law in New Hampshire. But, mortgage lenders and condo associations can make unit owners get policies to comply with their rules and regulations. 

Mortgage lenders make getting and keeping property insurance a requirement for loanees. So, if you purchased your condo with a mortgage, you must have a personal condo insurance policy. If you don’t maintain coverage, your lender can force-place a plan on you.

Even if you bought your unit without a mortgage, you might need condo insurance to satisfy your condo association’s rules. Many complexes have insurance requirements to protect the board and other residents.

How to Get Condo Insurance Quotes in New Hampshire

Comparing condo insurance quotes in New Hampshire is crucial when searching for the best combination of coverage and price. You can compare coverage options, discounts, deductibles, and premiums from each company. This process is easy with the help of an independent insurance agent.

Independent agents, like us here at Clovered, partner with top insurance companies and shop for coverage for you to find you the best policy. Our team of licensed agents is happy to help you with your New Hampshire condo insurance quote over the phone at 833-255-4117 during business hours.

If you’d rather quote on your own time, use our online quoting platform and receive your options in minutes after putting in some basic information about yourself and your condo. You can also email us with questions at agent@clovered.com.

Condo
A Simpler Way to Get Condo Insurance

Protect everything your condo association doesn't with a custom condo insurance policy at an affordable price.

The editorial content on Clovered’s website is meant to be informational material and should not be considered legal advice.

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