How to Buy Condominium Unit Insurance

If you own a condominium unit, you will need to purchase insurance to guard your valuables against loss. Although part of your monthly association dues goes towards a master insurance plan for your condominium complex; it does not cover your personal belongings.

Buying Condominium Insurance

1. Ask the condominium association for a copy of the bylaws if you do not have a copy already. The bylaws will identify what the master insurance plan for the complex covers. The bylaws will give your insurance agent a better idea of the type policy he or she needs to write.

2. Calculate what the replacement cost would be for the contents of your condominium.

3. Determine the replacement value for your unit would be.

4. Contact an insurance agent in your area by using resources like MerchantCircle or your local phone book.

5. Talk with several different agencies and obtain insurance quotes from each.

6. Choose an insurance company with a strong financial record to ensure claims are paid if they occur.