It depends on what you want to get from the policy. Some people insure the property for actual cash value. This gives them the current value of your property on the open market. It is a lower cost policy but will not rebuild the home but will give you your investment value on the home.

When it comes to condos you usually are not insuring the actual building. You will have to insure any property you own inside any anything inside the walls such as drywall, cabinets, sinks, flooring, etc. Replacement cost insurance will give you a condo with everything you had before the damage happened. Replacement cost policies are usually more expensive because they provide more coverage.

Less risk=more cost, more risk=less cost. The more you want them to pay the more you will pay. My advice is to get a full replacement cost policy. The cost difference between a actual cash value policy or a replacement cost policy on a condo is very small but the difference in reconstruction is definately worth it.

A reputable insurance agent will discuss all the coverages with you. I personally recommend State Farm. You can find locaitons at

http://maps.google.com/maps?rls=com.microsoft:en-us:IE-Searc…

Hope this helps.