You will want proper coverage to protect you in case of a total loss. The amount of coverage you need depends on the location of the property, the value of the items inside, the size of the condo, and if your lender/HOA requires a specific amount.
If you own a condo, adding loss assessment coverage to your policy would be a good idea. Loss assessment coverage protects you when you live in a shared community and say someone gets hurt in one of the common areas like the pool, parking lot, lobby, etc. If an incident like this were to happen and someone sues then everyone may have to split the remaining fees if the claim isn’t completely covered by the master policy. If there are damages to the shared property or to the building itself, you may have to pitch in to pay for the repairs as well.
Contact one of our agents today and they will discuss different coverages and help you figure out what will work best for you and your condo.