The association's will have a master policy that will usually cover the actual building. You are usually responsible for the everything from the walls to everything else inside of the building. That could be cabinets, carpet, sinks, etc. How much coverage you need really depends on what the master policy covers. I always tell my clients to call the association and ask them what the master policy doesn't cover and how much of the deductible are you responsible for if your building burns down to the ground. This information will really help you get an idea of how much coverage you need. Many master policies are similar but they are not identical so the board will know or they will refer you to the agent who should know the answer.
Issue 2. You are going to have a tenant in your condo. Most condo insurance policies will only write an owner occupied condo. If you have a tenant, you may have to do a little work to find an agent who can help you. Many insurance companies want to insure your primary home to insure a condo rented to others so your best bet is to start with the agent that insures your home.
Issue 3. Are you furnishing the condo? The personal property coverage on your insurance policy should be for the appliances and furniture that you provide the tenant. You can't insure the tenantâ€™s property, they have to buy a renters insurance policy to cover that. Also, always have your tenants buy renters insurance. It reduces your exposure especially if there is a fire or a bodily injury lawsuit because your insurance company can subrogate the claim.... more