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.
Condo insurance can be purchased at the same places that sell homeowners insurance and will cover the costs of your property inside your condo and will pay for damages incurred.
Your local insurance broker can answer your question.
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.
Condo insurance is basically renters insurance. You can go to a few different companies to do this, the best and most prominent one is probably State Farm Insurance.
Her condo insurance would cover it.
State Farm, Progressive and Geico are some well known companies that offer condo association insurance policies. There are local and lesser known companies such as Melendez Insurance that offer condo association insurance policies also.
A condo insurance costs about $200-$500 a month. You can read more at http://www.prudentialelliman.com/MainSite/Guide/NYCClosingCosts.aspx
Your insurance policy clearly states its date of expiry.
Condo insurance is available as a specialist type of home insurance from most mainstream home insurance providers. Some well known examples are State Farm, Bank of America and GEICO.
The best way to do comparison shopping for your new condo is to do it online. There are a number of companies that can give you instant quote online.
Average condo insurance rates in Illinois are 4.69%. This varies greatly depending on what part of the city you live in, but 4.69% is the common mean and average.