If you buy a condominium, you need an insurance policy that protects your investment, but it’s going to be a little different from the average homeowner’s policy. In many cases, it’s less expensive, but it does need to reflect the specific features of your condo complex and unit. As a result, your best bet is to work with a company that has decades of experience with condo insurance and a wide variety of popular add-ons like additional protection for devices, jewelry, and other personal assets. Condo policies typically don’t need to protect the exterior of the unit, which is one reason they’re less expensive. They do need to include protection from condo-specific issues related to community ownership, though, and they need to be customized to reflect features like a home alarm system.
How Much Insurance Should You Buy?
One of the hardest parts of selecting the right homeowner’s insurance is also one of the hardest parts of deciding on your ideal condo policy. How much coverage do you need for all your possessions, in addition to the value of the dwelling? If you have a rough idea how much your most valuable possessions are worth, then it’s easy to pad that estimate a bit to confidently assess your needs, but most people don’t just know that information. One good rule of thumb is to buy about as much coverage for your possessions as for your condo itself, with adjustments to account for any valuable untitled assets you keep at your condo if necessary. That generally suits most people, and an in-depth interview about your personal possessions and assets can help you fine-tune it more.