Loss of Personal Property Coverage

• Most condo owner insurance policies include property and general liability coverage. Property insurance covers personal property from loss or damage due to things like fire, wind or theft. Coverage can be either "all risk," meaning they ensure any risk unless specifically stated otherwise, or "all peril," which only covers the risks named in the policy. A good rule of thumb is that property insurance covers anything that can be taken out of your unit, even with some difficultly like improvements you've made. It's also important that your policy covers "replacement cost" to pay for the cost of replacing your lost property as opposed to "cash value," which only covers the value of your property at the time it was lost.
  
  

Liability Coverage

• The liability insurance coverage in your condo owner's policy protects you against claims for negligence, personal injury or damage on your property. This can include covering damage to a downstairs neighbor's unit caused by your overflowing washing machine or the legal fees if the neighbor decides to sue you instead. Liability coverage can specifically exclude injuries to domestic workers if your state law requires you to have workers' compensation insurance for them or injuries to employees of any contractor doing work in your home if the contractor didn't have adequate workers' compensation insurance.
  
  

Calculating Your Coverage

• Insurance agents and industry groups recommend taking photographs or videos of your home and making a list of all the property that could be insured, including each item's replacement value, its make, model, price paid and purchase date. Not only will these give you the value of your property insurance coverage but they'll be important should you need to file a claim in the future. Just make sure they're kept in a place that will be safe should something happen to your home. If you have extra liabilities or valuable items like collectibles, you may choose to include additional "umbrella" coverage to protect these.
  
  

Unit Assessment Coverage

• In the event that your homeowners' association doesn't have enough insurance coverage to pay for damages to common areas, it's likely the owners will each be held responsible for a portion of what the association needs to pay through what is known as a "unit assessment." Condo owners with individual policies that include unit assessment coverage can file a claim to have the insurance pay the assessment.
  
  

Other Differences Between Policies

• Policies with the same coverage can still have important differences. For example, insurance companies may have different ways they disburse coverage after your loss, like time frames for making replacement purchases. This can be tricky if the policy requires you to buy replacement bathroom fixtures before the damage is repaired. Also, policies with a lower deductible--the amount of a loss you must pay before the insurer pays the rest--may have higher premiums or higher cost for the insurance policy.
  
  

Savings on Condo Owner's Insurance

• First and foremost, you should avoid filing claims, as these raise your insurance premiums. Also, check to see if an insurance company has restrictions or higher premiums for your pet. For example, some insurance companies may charge higher premiums or simply not cover homes with a dog on a list of breeds that the U.S. Centers for Disease Control and Prevention has determined as most likely to bite. Other steps you can take to save money on condo owner's insurance include purchasing car insurance from the same company as your condo owner's insurance, not smoking or installing deadbolt locks.