There are a number of issues to think about when you are purchasing condo insurance.
Condo insurance is somewhat different from a house's homeowners insurance in that your policy covers everything from the drywall in.
Your association dues covers the roof and other exterior items.
The first question is what deductible are you going to set.
The deductible is what you pay before the insurance kicks in.
If you were to have a $15,000 claim and a $5,000 deductible, you would only get $10,000 from the insurance company.
The policy premiums you pay will largely depend on what your deductible is.
The higher the deductible the lower your monthly payments will be.
If you have money in savings, go with a higher deductible.
A higher deductible will also keep you from making claims on small items.
This is a good thing because if you have too many claims, your insurance company will drop you.
Next up is actual cash value vs.
replacement cost value.
Let's say you have a $900 television that gets stolen.
Do you want the insurance company to pay you $900 so you buy a new television or do you want them to determine what the actual value is (much less due to depreciation) so that you can by a similar used one on Craigslist? If you can afford it, you will probably be more satisfied with replacement cost value as you can get new items that you will enjoy.
If you rent out your condo, you should require the renter to buy renter's insurance.
The inside of the condo, minus the renter's personal items, are your responsibility.
Renter's insurance helps protect you if the renter damages the property.
So, those are some of the basics of condo insurance.