To determine how much condo insurance you need, you are best advised to insure the contents of your unit, because the association's master policy insures the real estate assets that all owners own in common. You can work with a broker and a copy of the master policy to determine the insurance coverage you want and need.
A condo insurance costs about $200-$500 a month. You can read more at http://www.prudentialelliman.com/MainSite/Guide/NYCClosingCosts.aspx
The value of your insurance depends upon the value of your condo. The important thing is that you have enough insurance to replace the condo. If you got the condo for a low price many years ago you can't insure it for that because you'd not be able to get another to replace if it were destroyed. The cost of the insurance on yor condo is based on several factors. In some cases your condo association will dictate the amount of coverage you must have.
Condo insurance can be purchased at the same places that sell homeowners insurance and will cover the costs of your property inside your condo and will pay for damages incurred.
Your local insurance broker can answer your question.
If you own a condo, you can get basically the same type of insurance as a homeowner, depending on what type of condo you have. If you condo is more like apartments, you may be able to get insurance similar to renters insurance, while if you have a stand alone home, you can basically get just home owner insurance.
Condo insurance is basically renters insurance. You can go to a few different companies to do this, the best and most prominent one is probably State Farm Insurance.
State Farm, Progressive and Geico are some well known companies that offer condo association insurance policies. There are local and lesser known companies such as Melendez Insurance that offer condo association insurance policies also.
Your board or your management company can help you determine how much personal property insurance you need to carry in your HO-6 policy, depending on the coverage available to you in the master insurance policy.You don't want duplicate coverage, nor do you want any gaps in coverage.If, however, your question has to do with mortgage insurance, ask your banker what kind of mortgage insurance you need in order to cover your refinanced amount.
Condo insurance is available as a specialist type of home insurance from most mainstream home insurance providers. Some well known examples are State Farm, Bank of America and GEICO.
The best way to do comparison shopping for your new condo is to do it online. There are a number of companies that can give you instant quote online.
Your insurance policy clearly states its date of expiry.
Nothing. They're the same exact thing. As long as the HOA has dwelling coverage on all the buildings this is all you need.