Basic Condo insurance will provide coverage to you, in the event that your belongings are lost through fire, water damage or burglary.

This insurance will also cover damage caused by you, to the landlords’ property. For instance, if you host a party, and one of your guests breaks a hole in the wall, then your Condo insurance policy should cover it.

Several things to consider before moving on:

Your list of valuables and belongings:

Take a look around your place. Be sure to note everything of value, and especially those items that cost a lot or cost a lot to replace or repair. It is a good idea to catalog all of your possessions in a table or spreadsheet for easy future reference. Be sure to save that on a different computer in case something happens to the computer.

Deductibles:

With any insurance policy, you'll have to decide how much you want your deductibles to be. In general, the higher the deductible, the lower your premium will be.

Replacement Cost and Actual Value:

Basic policies begin with coverage for the actual cash values of your covered belongings.

Loss of use coverage:

If, for some reason, you aren't able to live within your apartment, your coverage will take care of expenses that are incurred through food and lodging.

Specialty Items:

If you have very valuable items that come with difficult replacement, you might want to consider a "floater". Items that might be included: antiques, jewelry, special electronic equipment, etc. A floater policy is essentially a separate policy from your general coverage, and it is designed for these special items. Compared to the replacement cost of these items, this coverage is relatively inexpensive.