Best Answer: Get a condo policy, just call an independent agency in your town and ask for a condo policy and they will look among several insurance companies to get you the best deal.
While it's more similar to a renter's policy than a homeowners policy because you aren't insuring the structure. On that note READ YOUR ASSOCIATION BYLAWS, we've seen some that insure "walls-in" and some that insure "studs-in" which means you may be responsible for insuring some of the structure. You should get some sort of structure/building coverage for betterments and improvements that you may make to the permenant structure. Even if that coverage is just $10,000 it very well could provide coverage in the case of a total loss to your condo. At our agency we don't write any condo coverage without some building coverage included as the cost is minimal and the need is there, if they refuse building coverage because they don't think they need it we
have them decline the coverage in writing or we'll tell them we don't want to write it and they can take it to someone else.
After that just total up your contents and you are good to go on property.
Pick a decent personal liability amount, start with like $500,000, again the cost is minimal so buy a good amount of coverage.
If you can afford it now or in the future buy an umbrella policy to go over your personal liability and your auto liability (put your auto with the same carrier you do your condo policy with as it will generate discounts).
Review your policy annually to make sure the limits on building and contents is enough, as you live there longer the more stuff you collect, so that contents number should go up every year at least.
Enjoy your new condo.
Source(s): Agent and partner in an independent agency.
Matt1331 · 8 years ago