Part of your condo association dues cover commercial insurance for the property your condo is on. As a unit owner, you are responsible for insuring your unit and the contents within your unit. Value the contents and the structure of your unit to determine the amount of insurance coverage you need in the event of a catastrophe.

On the Other: Address gaps in coverage

Commercial condo insurance policies do not cover some events such as flood or wind damage. You must buy flood insurance separately if your condo is in a flood zone. Some of your possessions may hold a special value, such as jewelry, furs, sports card collections, or other high-priced possessions. Include these items separately as a rider on your insurance policy to ensure they are covered in the event of a disaster.

Bottom Line

According to the "Association Times," "Even where the association covers improvements, alterations, fixtures and appliances within units, it is advisable for the homeowner to continue to carry coverage on their own separate policy." Buy a policy that at the very least pays replacement costs for regular and special contents damaged, and covers at least half the market value of the structure of your specific unit.

Source:

Association Times - Online guide to condo issues

MSN - Insurance worries for condo owners