Also - make sure you are not getting charged for personal possessions on your insurance. It is a standard part of most policies and it may be assumed, unless you bring it up.
For the typical property insurance, you'll want to get a "Condo Policy" (which is in some ways just a modified renter's insurance agreement), but you'll want to make sure that it includes a clause or rider that indicates that the property is "rented to others 52 weeks a year."
Regarding how much insurance to get that's entirely up to you. And you may want to investigate additional liability insurance for yourself or for your company that owns and manages your investment property. I'd suggest speaking with an insurance agent who can give you some more specific suggestions about your specific needs.
I use Charles Djordjevich at Allstate. His office number is 312-943-8081.
Good luck to you.
Broker Associate, Keller Williams Realty Chicago Consulting Group
716 E. 47th St. Chicago, IL 60653
(773) 418-0640 (cell) (312) 577-0985 (fax)
As mentioned, a liability policy is the smart way to go with a tenant in the property.
Linda Dressler, RealtorÂ®
As far as insurance coverage on your condo, you will want to call your current insurance agent to let him or her know that you will not be occupying the condo anymore and will need to modify your coverage as there will not be personal property in the unit.
With regards to the common amount of coverage for personal property, most people start with $10,000 of personal property coverage and then add specific coverage for jewelry, computers, etc.