There are two kinds of insurance that cover condominiums.
1. The association buys a master policy to insure all the real estate assets owned in common by all the owners. You pay this premium from your monthly assessments.
2. A unit owner buys an HO-6 policy, that insures what the owner owns, including personal property. You pay for this individually. You can purchase 'actual cash value' (depreciated value) or guaranteed replacement cost' (replace with new) coverage.
Consult your governing documents and your master policy to determine what you need to insure so that your HO-6 policy dovetails with the master policy: you don't want overlapping insurance, nor do you want any gaps in coverage.
Furthermore, understand that the coverage that you purchase, may be distinct from the coverage of the master policy, covers that which is "within the four walls" of the unit, whereas the association policy covers the structure itself (the "common areas"). Or not.
Best practices dictate that you work with a broker or agent who understands associations, so that you get exactly the coverage you need.
The value of your insurance depends upon the value of your condo. The important thing is that you have enough insurance to replace the condo. If you got the condo for a low price many years ago you can't insure it for that because you'd not be able to get another to replace if it were destroyed. The cost of the insurance on yor condo is based on several factors. In some cases your condo association will dictate the amount of coverage you must have.
If you own a condo, you can get basically the same type of insurance as a homeowner, depending on what type of condo you have. If you condo is more like apartments, you may be able to get insurance similar to renters insurance, while if you have a stand alone home, you can basically get just home owner insurance.
How do you get 1000000 robux for free?
How long does it take regular mail to reach Tennessee from Michigan?
When did women first get the right to vote?
How many times can 18 go into 100?
Translate i miss you in assamese?
What is double 65?
What year woould you graduate high school if you were born in 1968?
What is the world’s oldest soft drink?
How many novels did Charles Dickens write?
What do the colors on America's flag mean?
How did Harry Houdini come up with his stage name?
What is modal fabric?
What were George Washington's false teeth made from?
Who was Yale University named after?
What determines whether you are left or right handed?
Is the graphical analog of a frequency table?
Was Richard Gere ever on Barney Miller?
Is Jeff smith ABC weatherman married?
Is it illegal to pick tiger lilies in Alberta?
What are advantages and disadvantages of micro planning?
Who is th owner of ujeevanam under vaikom muhammed basheer?
Is timothy b schmidt of the eagles gay?
Is child singer Kim Sol Mae dead?