Condo living is a unique combination of home ownership combined with the ease of apartment living. Many Bedford condo owners enjoy the pride of owning their home, the convenience of on-call maintenance and community amenities that make condos a very popular choice. Due to the unique nature of condos, these homes need specific insurance policies designed to cover the property you are responsible for within your condo, as well as your own personal property and liability coverage. Bedford condo insurance can help provide this necessary protection.
Customized Condo Insurance in Bedford
Whether your condo is an apartment-style residence or a single family home in a development, the condo association typically oversees upkeep, repairs and enforcement of community rules. The condo association is also responsible for what is called the master policy, which usually covers both common areas and a portion of each unit. Each individual condo owner is then responsible for insuring their own personal property (furniture, tv, etc.) as well as some portion of the interior of the building, as specified in the condo bi-laws. Condominium insurance is designed to work with the master policy to provide the protections you need as a condo owner.
Master Condo Insurance for Bedford Residents
Because your individual policy works in conjunction with your association's master policy, you must first understand what is covered by that policy. This ensures you are not duplicating coverage or leaving out dangerous gaps. Typically, the association's policy carries insurance for the common areas like the lobby and basement areas, however may stop at the exterior walls of each unit. You may be responsible for everything from the drywall, cabinets and flooring, but maybe not. Each condo association has a customized master policy to fit the needs of the association, so it is critical to understand what each unit owner is responsible for before purchasing insurance. This information can be found in the association's bylaws.
Condo Insurance Options
Once you have determined what your association's master policy will cover, you then need to determine how much coverage you need for the interior of your unity. The minimum amount of coverage provided on an average NH Condo policy is $5,000, but can be increased to meet your needs. You may need to consider fixtures, cabinets, built-ins, flooring, plumbing, wiring, counters and wall coverings.
Personal Property is typically considered everything you would take with you from your condo should you move, including your furniture, clothing, appliances, etc. The amount of coverage will vary based on the value of your property but you will want to take careful consideration in selecting the right amount of coverage. Condo policies will not pay more than the amount of coverage listed on the policy.
A personal condo policy will usually include personal liability coverage as well. This can protect you for incidents such as someone tripping on your doorstep on getting bit by your dog. Given the close quarters of many condo units, this coverage can be especially important as it can also protect you in the event you have a loss that also damages another unit.
A condo policy will usually automatically include coverage for your personal liability. This means you have insurance protection for a lawsuit for bodily injury or property damage that you or a family member (and in some cases, a pet) inadvertently cause. This is an extremely valuable coverage as it also includes the cost of legal defense and has limits up to $500,000.
Loss Assessment Coverage
When you own a condo, the condo association could asses you as an owner for any number of reasons. If the assessment is because of a covered loss, you would most likely have coverage on your condo policy if you add loss assessment coverage.
Why Choose HPM Insurance?
- HPM Insurance has two convenient locations in both Bedford and Amherst, NH so we are a local business, not an 800 #.
- We can help customize a policy that is designed to fit your needs
- If you already have a condo policy, when is the last time you reviewed it? Has it been kept up to date with your association's policy?
- HPM can provide you with a free, no obligation, quote, so what do you have to lose?
HPM Insurance has been writing Milford condo insurance, Amherst condo insurance, and insurance and throughout New England for decades. We would love to hear from you!