Condo Association Insurance New Hampshire

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Condo Association Insurance in New Hampshire

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What is condo association insurance?

Condo association insurance, often referred to as a condo master insurance policy, is a type of insurance coverage designed specifically for condominium associations. This insurance provides protection for the common areas, the structure of the building, and any shared amenities. It is essential for condo associations to have this insurance to ensure the protection of their property and the financial security of their members.

Condo Association Insurance New Hampshire

Why is condo association insurance important?

Condo association insurance is crucial because it covers areas and elements not typically included in individual condo owners’ policies. This insurance helps mitigate risks associated with property damage, liability claims, and other unforeseen incidents that could financially impact the entire community. Without adequate coverage, the association might face significant financial burdens in the event of a loss or lawsuit.

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Condo Association Insurance New Hampshire

A condo master insurance policy, also known as condo association insurance, provides comprehensive coverage to protect the entire condominium complex, including its common areas and structural elements. Here’s a detailed breakdown of what this type of policy typically covers:

Common Areas

Common areas in a condominium complex are those spaces that are shared by all unit owners and include:

  • Lobbies: The main entrance and reception areas where residents and guests first arrive.
  • Hallways: Corridors that provide access to individual units and connect various parts of the building.
  • Elevators: Vertical transportation systems that move residents between floors.
  • Recreational Facilities: Shared amenities such as swimming pools, gyms, tennis courts, and community rooms.

Coverage for common areas ensures that if these spaces are damaged, the costs for repairs or replacement are covered, thus maintaining the property’s overall appeal and functionality.

Building Structure

The building structure refers to the physical components of the condominium complex, including:

  • Roof: The top covering of the building that protects it from the elements.
  • Walls: The vertical structures that define and support the building.
  • Foundation: The base of the building that supports its weight and anchors it to the ground.

Coverage for the building structure means that if there is damage from covered perils, such as a severe storm or fire, the policy will pay for repairs or reconstruction. This is crucial for maintaining the integrity and safety of the building.

Liability Protection

Liability protection is essential for safeguarding the association against financial losses due to legal claims. This coverage typically includes:

  • Accidents: If someone is injured while on the property, such as slipping on a wet floor in the lobby.
  • Injuries: Covering medical expenses and legal fees if a visitor or resident is injured in a common area.
  • Legal Claims: Costs associated with defending the association in lawsuits resulting from accidents or injuries.

This protection is vital for managing the financial risks associated with the day-to-day operation of the condominium complex.

Property Damage

Property damage coverage applies to damage caused by various perils, such as:

  • Fire: Damage resulting from accidental fires or arson.
  • Wind: Harm caused by strong winds, hurricanes, or tornadoes.
  • Vandalism: Destruction or defacement of property due to malicious acts.

This coverage ensures that the association may quickly address and repair damages, minimizing disruptions to residents and maintaining the property’s value.

Directors and Officers Liability

Directors and Officers (D&O) liability insurance is a specialized form of coverage that protects the board members of the condo association. This includes:

  • Personal Liability: Protection against personal financial loss due to legal actions taken against them for decisions made in their official capacity.
  • Defense Costs: Coverage for legal fees and court costs associated with defending against claims of wrongful acts, errors, or omissions.
  • Settlements and Judgments: Payment of settlements or judgments if the board members are found liable.

This coverage is crucial because board members make decisions that may significantly impact the entire community, and D&O insurance provides a financial safety net for their personal assets.

While condo association insurance provides broad coverage, there are some exclusions. Typically, it does not cover:

  • Individual Units: Damage to the interior of individual units and personal belongings of condo owners are usually excluded.
  • Flood and Earthquake Damage: These perils often require separate policies.
  • Upgrades and Improvements: Any upgrades or improvements made by individual unit owners may not be covered unless specified in the policy.

Individual condo insurance, also known as HO-6 insurance, is purchased by condo unit owners to protect their personal property and the interior of their units. In contrast, condo association insurance is purchased by the condominium association to protect the building’s structure and common areas. Both policies are complementary, ensuring comprehensive coverage for all aspects of condominium living.

The cost of condo association insurance in New Hampshire may vary widely based on several factors, including:

  • Size and Value of the Property: Larger properties with more units and higher values typically require higher coverage limits, leading to higher premiums.
  • Location: The geographical location of the property may impact the cost, with factors like local crime rates, weather patterns, and proximity to emergency services playing a role.
  • Claims History: A property with a history of frequent or severe claims may face higher premiums.
  • Coverage Limits and Deductibles: Higher coverage limits and lower deductibles will generally increase the cost of the policy.
Cunningham Associates Insurance

How can New Hampshire condo associations get condo master insurance?

Reach out to the independent agents at Cunningham Associates Insurance for a fast quote on condo association insurance in New Hampshire. Our knowledgeable team is ready to assist you in finding the perfect coverage tailored to your association’s needs. With a commitment to exceptional service and a deep understanding of the local market, Cunningham Associates Insurance ensures your condo association is protected against any unforeseen events. 

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