Best Condo Insurance In New Hampshire 2024
For condo insurance in New Hampshire, Nationwide is the best option, according to our thorough investigation.
We’ve saved shoppers an average of $450 per year on their home insurance.
You’ve found the ultimate guide to the best condo insurance in New Hampshire. As a licensed insurance agent with 13 years of experience, I can assure you that this is the right place for vital information. The right condo insurance is essential for protecting both your investment and your peace of mind.
Failing to take action can lead to severe consequences. With 13 years of experience in the insurance industry, I’ve seen many condo owners suffer significant financial losses due to insufficient coverage. Don’t let this happen to you. Let’s dive into condo insurance in New Hampshire, review your options, and ensure you’re well-protected.
Best Condo Insurance Companies In New Hampshire, 2024
Compare The Best Condo Insurance Companies In New Hampshire
| Best For | Overall Rating | A.M Best Rating | J.D Power Rating | Average Monthly Cost | Get A Quote | |
|---|---|---|---|---|---|---|
| Nationwide |
Overall |
|
A+ |
816 |
$896 |
Instant Quote |
| Travelers |
Discounts |
|
A |
794 |
$838 |
Instant Quote |
| Chubb |
High-Value Condos |
|
A++ |
809 |
$1,576 |
Instant Quote |
| Amica |
Runner-Up |
|
A+ |
849 |
$1,449 |
Instant Quote |
Our Methodology
I relied on objective data from AM Best (financial strength) and J.D. Power (customer satisfaction) to determine the best condo insurance companies in New Hampshire. I also took into account consumer feedback and my own experience as a former licensed property and casualty agent who sold condo insurance in New Hampshire.
Quotes Analyzed
Brands Reviewed
Years Of Experience
Research Hours
Best Condo Insurance Companies In New Hampshire
Best Overall
Key Statistics
Why We Like Them
⇅Nationwide is an excellent choice for condo insurance in New Hampshire, providing comprehensive coverage that meets the specific needs of condo owners, ensuring effective protection.
With extensive protection for condo owners, Nationwide covers your furniture, clothing, and personal items from covered losses and provides reimbursement for additional living expenses if a covered loss displaces you from your home.
Nationwide stands out due to its superior claims service. When you need assistance, you want an insurer that delivers prompt and fair service. Nationwide excels with a seamless claims process and a dedicated team ready to support you.
Benefits & Drawbacks
⇅- All-inclusive protection
- Affordable rates
- Excellent customer support ✓
- Not ideal for affordable properties
- Chance of extra expenses
- Certain discounts are limited ✘
Best For Discounts
Key Statistics
Why We Like Them
⇅Travelers Insurance is widely recognized for offering condo insurance in New Hampshire, especially appealing to those who desire major discounts. They present numerous saving opportunities, ensuring that their policies are both economical and complete.
A major perk from Travelers is their multi-policy discount. By combining condo insurance with an auto policy, homeowners can save up to 15%. This method not only simplifies insurance handling but also provides substantial savings.
Travelers provides further discounts for homeowners with qualifying smart home technology, emphasizing the company’s commitment to promoting and rewarding proactive home maintenance and security practices.
With its extensive coverage options and numerous discounts, Travelers is a great choice for condo owners in New Hampshire. Moreover, Travelers has been praised for offering lower home insurance rates than most competitors while maintaining comparable coverage options.
Benefits & Drawbacks
⇅- Economical rates
- Financially sound
- Options for package deals ✓
- Fewer choices offered
- Potential for restricted dog breeds
- Higher rate of complaints compared to some rivals ✘
Best For High-Value Condos
Key Statistics
Why We Like Them
⇅For high-value condo owners in New Hampshire, Chubb is a leading insurance provider. Celebrated for its exceptional service and specialized coverage for wealthy clients, Chubb offers extensive coverage limits and a variety of perks.
Chubb’s Masterpiece policy is specifically crafted for high net-worth families, offering extended replacement cost options to fully cover your valuable property.
Chubb’s reputation encompasses more than broad coverage; it includes unique offerings such as cyber protection and identity theft coverage. With a focus on the specific needs of high-net-worth households, Chubb offers top-tier insurance solutions for affluent condo owners in New Hampshire.
Benefits & Drawbacks
⇅- Exceptional customer care
- Extra coverage options
- Few customer complaints ✓
- Higher-than-normal rates
- Not BBB accredited
- Might not be ideal for mid-priced condos ✘
Best Runner-Up
Key Statistics
Why We Like Them
⇅When it comes to comprehensive condo coverage in New Hampshire, Amica excels. Celebrated for its excellent customer service and diverse coverage options, Amica offers a smooth insurance experience. Policyholders can save up to 20% by bundling condo and car insurance.
Amica provides competitive rates. For example, compared to Allstate, Amica offers a significantly lower monthly rate. Additionally, Amica has a low complaint rate, indicating high customer satisfaction. The Platinum Choice Home Coverage combines multiple types of coverage for robust protection of your condo.
Benefits & Drawbacks
⇅- Offers a wide array of coverage plans
- High customer satisfaction levels
- Insurer is financially stable ✓
- Premium rates are above industry average
- No dividends are issued
- AM Best rating is still strong, though downgraded in 2017 ✘
How Much Is Condo Insurance In New Hampshire?
We’ve created detailed comparison charts to support you in making informed choices.
The Average Cost Of Condo Insurance By City
Here’s a table outlining the average yearly and monthly condo insurance expenses in New Hampshire’s largest urban areas.
| City | Average Annual Rate | Average Monthly Rate |
| Manchester | $420 | $35 |
| Nashua | $375 | $31 |
| Concord | $350 | $29 |
| Derry | $400 | $33 |
| Dover | $402 | $34 |
| Rochester | $367 | $31 |
| Salem | $380 | $32 |
| Merrimack | $345 | $29 |
| Londonderry | $372 | $31 |
| Hudson | $425 | $35 |
Please be aware that the rates provided are estimates and may vary based on factors like your condo’s specific location, its structural elements, and the amount of coverage you choose.
Average Cost Of Condo Insurance By Building Property Limits
Condo insurance isn’t uniform across the board. Your coverage needs are influenced by the value of your property and assets. To facilitate your decision-making process, here’s a comparison chart outlining average monthly rates for condo insurance in New Hampshire according to building property limits.
| Building Property Limit | Average Annual Rate |
| $40,000 | $745 |
| $60,000 | $938 |
| $80,000 | $1,145 |
| $100,000 | $1,354 |
These rates are approximations and can vary depending on factors such as your condo’s location, its structural features, and the coverage amount you choose.
Average Cost Of Condo Insurance By Company
Refer to the table for the average rates from ten major national insurance companies providing condo insurance in New Hampshire:
| Insurance Company | Average Annual Rate |
| State Farm | $751 |
| Allstate | $802 |
| Liberty Mutual | $853 |
| USAA | $704 |
| Progressive | $905 |
| Nationwide | $886 |
| Farmers | $1007 |
| Travelers | $828 |
| Erie | $769 |
| American Family | $9510 |
These rates are estimated figures and may fluctuate depending on factors such as your condo’s location, its structural features, and the level of coverage you select. The cheapest rate may not necessarily be the most advantageous. Consider a policy that offers a blend of competitive rates, comprehensive coverage, outstanding customer service, and financial stability.
How To Find The Best Condo Insurance Company For You
- Browse online for condo insurance providers and narrow your list to three carriers that you feel confident about.
- Decide on the coverage thresholds that meet your specific needs.
- Request pricing information for the desired coverage from three insurers.
- Base your decision on an insurance carrier’s coverage choices, customer testimonials, financial security, discounts, and rates.
- Conclude your application for insurance.
To find excellent condo insurance in New Hampshire, comparing multiple quotes side by side is essential. Turn to Insuranceopedia to receive multiple quotes immediately.
How To Get An Online Condo Insurance Quote In New Hampshire
Obtaining an online insurance quote in New Hampshire is most efficiently done through a platform that can offer multiple quotes simultaneously, enabling straightforward side-by-side comparisons, like Insuranceopedia.
When obtaining an online quote, ensure you have:
- Condo replacement cost: The expense to rebuild your condo using similar materials if it’s damaged.
- Personal property value: This will set the limits of your personal property coverage.
- Personal information: Provide your name, address, insurance history, number of residents, and other details.
- Condo details: Include its construction year, square footage, exterior materials, security features, and more.
What Does Condo Insurance Cover In New Hampshire?
HO6 insurance, typical for condo owners in New Hampshire, primarily provides coverage for the interior of the condo. This includes installed fixtures, appliances, and personal items, offering protection against damages to walls, floors, cabinets, and fixtures within your unit.
Moreover, it encompasses personal property coverage, ensuring your belongings are protected from theft or damage. Most policies also offer loss assessment coverage, usually starting at $1,000 and expandable with an optional endorsement.
How Much Condo Insurance Is Required In New Hampshire?
While New Hampshire doesn’t mandate condo insurance, it’s frequently required by mortgage lenders or building associations. Most insurers offer coverage from $100,000 to $500,000. State regulations require loss assessment coverage in your condo policy for damages affecting shared areas.
How Much Condo Insurance Do I Need In New Hampshire?
Deciding how much condo insurance to get in New Hampshire depends on several factors, including the value of your personal belongings, the internal design of your condo, and the type of master insurance policy your Homeowners Association (HOA) holds. By New Hampshire law, your condo insurance policy should have a minimum of $2,000 in loss assessment coverage, which compensates for losses impacting the common areas of the complex.
How To Save Money On New Hampshire Condo Insurance
If you own a condominium in New Hampshire, there are ways to reduce the cost of your insurance policy. One option is to increase your deductible. While this may reduce your premiums, it also means you’ll need to pay more if you file a claim. It’s important to strike a balance between your deductible and your financial situation.
Strengthening the disaster resistance of your condo can help reduce your New Hampshire condo insurance expenses. This might entail adding storm shutters or improving your home security. These enhancements not only protect your property but can also result in insurance premium savings.
Factors That Impact The Cost Of Your Condo Insurance Policy
The cost of your condo insurance in New Hampshire is influenced by four primary factors:
Location of Your Condo
The geographic location of your condo is a crucial factor in determining condo insurance costs. Condos in areas prone to natural disasters like hurricanes, floods, or wildfires usually have higher insurance premiums. Given New Hampshire’s risk of hurricanes, condo insurance rates in the state are typically higher.
Age and Construction Type of Your Condo
Your condo’s age and construction style are critical elements in determining insurance expenses. Older condos with outdated systems such as wiring or plumbing are more prone to damage, which can raise insurance costs. Similarly, condos built with less sturdy materials may incur higher premiums.
Replacement Cost of Your Condo
The replacement cost of your condo is another element that can influence your insurance expenses. This represents the cost of rebuilding your condo if it were to be entirely demolished. A higher replacement cost typically results in a higher insurance premium.
Claims History
Your condo insurance expenses can also be influenced by your claims record. If you have a habit of filing many claims, insurers may categorize you as a riskier policyholder and raise your premiums. Conversely, having a clean claims record can contribute to lower insurance costs.
FAQs
How much is condo insurance in New Hampshire?
The average annual cost of condo insurance in New Hampshire is about $380, translating to $31 monthly. However, these figures can vary widely based on factors such as your condo’s location, the coverage limits you choose, and your claims history.
How does condo insurance work?
Condo insurance functions as a safety net by covering your personal items, the interior of your unit, and liability claims. It also bridges gaps left by your condo association’s master policy, ensuring you are protected from unforeseen financial hardships.
Sources
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