How Much Coverage Do You Need

How much coverage you need is decided on an individual basis. The property coverage is broken down into two areas; contents and building improvements. You will want enough coverage in contents to cover everything you own while you will want enough in building improvements in order to replace everything attached to the walls, floor, and ceiling in the event of a total loss. After arriving at a figure it’s a good idea to go around your condo and document everything you own, both writing it down (including serial numbers) and taking photos or video. This will help immensely in the case of a covered loss.

Another major component of insurance is Liability coverage. This will protect the owner in case they are liable for damage, whether someone is hurt in their unit or something happens such as a leak in the water heater that creates property damage in the unit below them.

Condo policies are not expensive and can be made even less expensive by choosing a higher deductible. No one wants a bad thing to happen but it’s very important to protect yourself in case it does.