How much condo insurance do you need?

[heydude]

The master policy will build the walls, you do everyting inside. how much do you need for dwelling? an agent told me $50 x square foot.

[herbgeek]

That's going to depend on what you have inside your condo: little or cheap furniture, not so much- lots of or expensive furniture, you'll need more. In my experience, agents tend to recommend more than I personally need.

What would you need to replace to make your life whole if there was a fire or other disaster? Don't forget about appliances that might get ruined. Your master policy covers the shell, but you still might need to redo walls, or staircases, flooring etc. Some policies also cover medical coverage for you or for people on your property- make sure you have enough there.

[jennipurrr]

Hey Heydude,

I have three furnished rental condos. In them I have $30,000 contents coverage because it was one of the smaller policies I could get. I think that would more than cover the furniture and repairs even if the place was gutted. My HOA covers everything from "the studs in" which I *think* is typical...so sheetrock out would be at my cost. We mainly have this insurance because it is required to get the liability coverage herbgeek mentioned.

For you since it is your personal residence I would take into account how much it would cost to replace your personal items in the home in addition to replacing the interior of the unit. Ours are furnished cheaply so we didn't want to sink in a lot in insurance to cover replacement of that.

Oh yeah, also...how did your refi go? We are set to close any day now.

[heydude]

Jennipurr, you are the best!

I don't own much, being simple and all. Mostly, I just need to know how much appliances + carpet + hardwood floor + bathroom fixtures + paint would be. hahahahahaha.

Refi? I will let you know. CROSSES FINGERS.