How Much Condo Insurance Should You Purchase?

Condo owners can buy insurance to cover against loss or damages.
Condo owners can buy insurance to cover against loss or damages. (Image: condo building image by Betty Oesterling from

You Need to Cover Everything in Your Unit

Part of the maintenance fee that condominium owners must pay to their building's management goes toward the purchase of insurance for the building. However, none of this insurance applies to the inside of individual units. Owners should therefore purchase enough insurance to cover damage to or theft of their possessions and furnishings.

You Don't Need to Cover Common Areas

Condominium owners should not purchase insurance that covers common areas in the building, as this would be redundant. As a good rule of thumb, condominium owners should not insure anything that their condominium association rules forbid them from modifying, since they do not own it.

Bottom Line

Assess the value of your possessions and furnishings to get an idea of how much insurance coverage you need. According to the financial website, real estate agent Eileen Sutz of Allstate Insurance in Chicago says the proper amount of coverage can also be determined by checking the amount other owners have spent on upgrades to their units, to get a rough idea of how much repairs to your unit would cost.

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