How Much Condo Insurance Should I Have?

To come up with a number of how much coverage you’ll need, make an inventory of all of the personal property inside of your unit. Coverage then comes down to a decision on insuring everything for actual cash value or replacement cost. Since actual cash value contemplates depreciation, you might want to consider replacement cost. For any valuable artwork, jewelry, furs, electronics, musical instruments, or the like, you’ll want to consider getting special coverage. If you’ve customized your unit, inquire with your agent about appropriate coverage.

What Does Condo Insurance Cover?

Given the fact that your association’s master coverage usually ends at your exterior walls, your personal policy should cover everything from those walls on in. Coverage in most personal condo policies includes but isn’t limited to:

• Fire, lightning and wind damage
• Theft
• Vandalism
• Accidental Discharge of Water
• Liability for Bodily Injury

Major Benefits

Your condo is your home. It might even be the biggest investment that you have. Review your association’s by-laws, and find out what its master policy covers. You’ll want to insure anything else that isn’t covered. A loss can occur in any number of ways, so get proper protection.