Information On Condo Insurance In Merrimack NH
When buying a condo, you might not realize that you need condo insurance. Condo complexes typically have a master insurance policy, but this does not give the coverage that you may think. It is important for you to understand what master insurance policies include and the added advantages available from personal Merrimack NH condo insurance policies will provide you as a property owner. This blog covers information on condo insurance in Merrimack NH .
Overview of Master Insurance
Master insurance policies for condos typically cover the framing and shared amenities (i.e. hallways, stairways, and the siding). It may not insure unit-specific components such as HVAC, electronics, fixtures, etc. More importantly, it does not protect personal assets such as appliances, equipment, and clothing. Policies differ, so be sure to request a copy of the master insurance policy for your condo complex and ascertain its scope.
Additional Benefits of Personal Condo Insurance Policies
MA personal condo insurance policies do not include the structure of the building, since that is included in the master insurance, but is otherwise similar to normal homeowners insurance. It normally insures against theft, fire, windstorm or hail, vandalism, debris, and impact from vehicles or aircraft. It may also provide personal liability coverage which applies if individuals become injured in your home or if you cause damage to someone else’s property. A minimal amount of value is often included for personal belongings. More coverage may be added for jewelry, equipment, collectables, and property renovations (such as a luxury kitchens or high-end appliances).
Average Expenses and How to Start
A majority of the time, Merrimack NH condo insurance policies are actually less expensive than general homeowners insurance. Be sure to contact your insurance company for tips on how much coverage to get. Your agent will ask about the features and upgrades of your condo plus what you have for personal assets. He/she may also request a copy of your master insurance policy to confirm what is included. Going through this process will ensure that you have enough coverage based on your circumstances.