Condo square footage concern

Asked by Mtgirl, 59405 Thu Mar 29, 2012

I am looking at purchasing a condo and understand the condo assoc insures the outside shell. I am looking into interior building coverage through my local insurance agent. How do I determine what to insure the inside for, price per sq ft? Not a fancy interior, just your basic finishes.

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Melaine Loy’s answer
Melaine Loy, , Great Falls, MT
Thu Mar 29, 2012
Hello Mtgirl,

I cannot tell from your question whether you have a condo picked out already or not. If you are not sure and don't know what the Home Owners Association (HOA) fee covers, it is very important to know every condo association does NOT have the same coverage. I can only give you a couple suggestions for the interior if you are looking for insurance outside of the standard homewoners policy. I suggest you take your insurance agent a copy of the documents for the HOA and ask them to go look at the condo with you. They may have a formula for Sq Ft and age of structure to help you make an informed decision which is the key . It is very smart of you to research as you are doing so you can be an informed consumer.

Melaine Loy
Real Estate Salutions of Great Falls
(406) 231-0520
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Doug Maas, Agent, Great Falls, MT
Thu Mar 29, 2012
Your insurance agent should be able to determine the amount based on the sq footage, the selling price, plus whatever you want for possession, liability and medical coverage. Make sure you are covered for accidental damage due to any improvements that you might make.
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Andy Onushco, Agent, Helena, MT
Thu Mar 29, 2012
You can use the measurements that the state uses--go to GIS.MT.GOV and look up your property. While they aren't always accurate, they are official. I hope that helps.
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