Condo insurance plays an important role in protecting both individuals and families from unexpected financial losses. However, many condo insurance policies contain exclusions, coverage limits, and potential gaps that may require additional protection through endorsements or supplemental policies. For residents in Manchester, NH, understanding condo insurance coverage is essential. At AS Insurance Agency, we help clients review their condo policies and identify coverage options that fit their specific needs.
What Condo Insurance Typically Covers
Condo insurance policies generally provide coverage for the interior of the unit and personal belongings, while the condominium association’s master policy usually covers shared structures, exterior building elements, and common areas.
Depending on the association’s governing documents, condo owners may be responsible for insuring:
- Interior walls
- Flooring
- Appliances
- Cabinets
- Fixtures
- Personal property
Coverage responsibilities can vary widely between associations, which is why reviewing the master policy and bylaws before purchasing a condo is critical.
Flood Damage Is Commonly Excluded
Standard condo insurance policies typically do not cover flood damage resulting from:
- Overflowing rivers
- Storm surge
- Flash flooding
- Surface water
This exclusion is especially important for condos located in flood-prone areas, regions with poor drainage, or lower-level units. Separate flood insurance may be necessary to protect against these risks.
Earthquake Damage Is Often Excluded
Earthquake-related damage is also generally excluded from standard condo insurance policies. This may include:
- Structural damage
- Interior damage caused by seismic movement
- Personal property losses
Condo owners who live in or near earthquake-prone regions may need to purchase a separate earthquake insurance policy to obtain this coverage.
Understanding what your condo insurance policy does not cover creates an opportunity to add supplemental protection and reduce financial risk. For condo owners in Manchester, NH, AS Insurance Agency is available to help identify coverage gaps and recommend policies and add-ons tailored to your needs.
