Condo Insurance FAQs

Start by taking an inventory, room by room. Collect receipts for major items. Take photos or a video. For big-ticket items, like jewelry, paintings or furs, you may need to add a scheduled personal property endorsement, which gives you additional coverage just for those items. The cost of an endorsement depends on how much coverage you need.

You should review it every year, especially if you have made changes to the condo, such as remodeling or adding lots of new furniture, appliances or equipment, for example.

In a lot of ways condominium insurance is very different from a homeowners policy. Basic coverage usually includes everything "from the walls in"—that is, the condominium owner is covered for the drywall, flooring, fixtures, plumbing, and electrical. Other parts of the building are covered by the Condominium Association's Master Policy. Be sure to review the Condominium Association's Master Policy which describes your responsibility for ownership and coverage.