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To help you find the best condo insurance for your home, we've compared rates from 10+ major carriers to see which ones come out on top in terms of price and coverage.

Buying a condominium is a little different than owning a home. You’ll likely have a monthly homeowners association (HOA) fee that covers maintenance and insurance for shared areas such as hallways and entrances. Although the HOA fee covers master insurance for the common spaces, you’ll also need the best condo insurance possible for your “four walls” and contents. While a homeowners insurance policy includes coverage for everything you own, including the interior, exterior, sheds, carports, fences and other structures on your property, condo insurance providers offer coverage for the unit itself. 

The following five best condo insurance companies were selected based on rates, customer satisfaction ratings and policy offerings. To make the condo insurance comparison easy, the following carriers were assigned an Insurance.com score based on the criteria mentioned. We found State Farm to offer the best HO6 insurance overall, although other carriers had cheaper rates or more options.

Best condo insurance companies for 2021

Five companies earned an Insurance.com score of 4 out of 5 to make the best condo insurance companies list:

State Farm: Best overall

Pros:

  • Over 19,000 agents and offices
  • Award-winning mobile app
  • Largest variety of condo insurance options
  • Free Ting device that monitors for electrical fires

Cons:

  • Special policy limits for the property including cash, firearms, and rugs
  • Limited discounts

State Farm is the largest insurance company in the country and the best condo insurance overall due to an average low rate of $531 per year, number of coverage options, and overall customer satisfaction. If you’d like a carrier with a local presence, State Farm has over 19,000 offices and agents available nationwide.

Although personal service from your neighborhood agent is a big selling point, State Farm’s website and mobile app are also pretty useful, making it easy to file and track a claim directly from your phone or through the State Farm website.

Condo insurance options/add-ons:

  • Limited replacement cost
  • Depreciated loss
  • Refrigerated products
  • Fire department service charge coverage up to $500
  • Counterfeit money and forgery expenses
  • First aid expenses
  • Debris removal
  • Tree/shrub protection
  • Volcanic action
  • Absentee ownership (for owners who rent their condo)
  • Additional living expenses
  • Inflation
  • Fair rental value
  • Damage from collapse
  • Locksmith
  • Temporary repairs
  • Damage to other properties

Discounts:

  • Multiline
  • Home alert (burglary, fire and smoke alarms)
  • Automatic sprinklers

Country Financial: Cheapest rates

Pros:

  • Cheapest condo insurance
  • Full service, providing insurance and financial services
  • Low customer complaints

Cons:

  • No mobile app for condo insurance
  • Only available in 19 states

First-time condo owners and buyers on a strict budget may be most focused on finding the cheapest condo insurance available. Country Financial’s rates were the lowest of all the carriers analyzed at $328 per year on average. You can opt for a basic HO-6 policy for an average of $27 per month or choose the Premier package that adds coverage for paint spills, countertop burns, and power surge damage.

Condo insurance options/add-ons:

  • Replacement cost
  • In-home business
  • Recreational motor vehicles
  • Watercraft
  • Rental dwelling
  • Identity theft
  • Earthquake damage
  • Sump pump failure/sewer or drain back-up
  • Condo association loss assessments
  • Damage from underground mine collapse

Discounts:

  • Multi-policy

American Family: Best customer satisfaction

Pros:

Cons:

  • Limited to coverage in 19 states

If knowing that your insurance company is there when you need it most is a top priority for you, American Family is a good candidate. It scores above average for customer satisfaction in J.D. Power’s Property Claims Satisfaction Study, with an 890 out of 1,000. American Family also has one of the best condo insurance California ratings when it comes to complaints, ranking as seventh-lowest for complaints out of the 50 largest property insurance carriers in the state.

There are plenty of ways to get help from an agent or representative. Live chat is available from 8 a.m. CST to 8 p.m. daily. AmFam’s hotline is available 24/7. In addition, there are 3,000 agents available in the 19 states served.

Condo insurance options/add-ons:

  • Sump pump/water backup
  • Hidden water damage
  • Personal property endorsement for higher value items
  • Home daycare
  • Home business
  • Personal injury protection 

Discounts:

  • Multi-policy
  • Diminishing deductible
  • Smart home devices
  • Claims-free
  • Autopay
  • Pay in full
  • Paperless discounts
  • Policyholder age
  • Loyal customer
  • Online billing

Auto-Owners: Best HO6 insurance for claims

Pros:

  • Highest customer rating for the claims process
  • Plenty of policy discounts and addons
  • Claims offices in all 26 states Auto-Owners operates in
  • Your condo insurance policy is serviced by an independent agent

Cons:

  • No online quote tool
  • Mobile apps could use improvement

Although condo insurance is something you hopefully never need to use, it’s important to choose a carrier that can handle your loss as quickly — and fairly — as possible. J.D. Power’s Property Claims Satisfaction Study is a good point of reference for how an insurance company is doing because it consists of policyholder reviews. Auto-Owners insurance ranks second in best condominium insurance companies when it comes to the claims process, with a score of 900 out of 1,000.

The carrier recommends you file a claim with your independent agent. If it’s after hours, you can call 1-888-252-4626. Unlike the majority of condominium association insurance companies, Auto-Owners is consistently expanding its presence, with 100 current claim offices in 26 states, to meet your needs more efficiently.

Condo insurance options/add-ons:

  • Sump pump/water backup
  • Condo-Owners Plus Endorsement bundles coverage including refrigerated products, appliance leaks and a glass deductible waiver
  • Personal property endorsement for higher value items
  • Replacement cost
  • Ordinance or law coverage
  • Identity theft expense

Discounts:

  • Multi-policy
  • Paperless
  • On-time payments
  • Protective devices
  • Advance quote
  • Paid-in-full
  • Favorable loss history
  • Water shutoff

Nationwide: Best for coverage options and discounts

Pros:

  • High customer satisfaction ratings
  • Agents in 49 states
  • Basic condo insurance includes extra coverages
  • Free annual On Your Side Review available

Cons:

  • Mobile app better geared for auto insurance management

Nationwide is one of the best condo insurance companies for several reasons — its coverage is the second-cheapest at $413 per year and the carrier offers condo owners plenty of ways to save and customize coverage. The standard condo insurance package has more coverages than other carriers, including credit card coverage, condo loss assessments, and building additions/alterations. Condo owners who recently purchased their unit and/or live behind a gate could save the most on coverage.

Condo insurance options/add-ons:

  • ID theft
  • Valuables Plus endorsement for jewelry, antiques and other high-value items
  • Water backup
  • Earthquake (with separate deductible)

Discounts:

  • Multi-policy
  • Protective device
  • Claims-free
  • Gated community
  • Recently-purchased home (last 12 months)

Compare best condo insurance companies

The five carriers that make up the best condo insurance companies list each have their strengths and weaknesses. Here is how they compare:

Best Condo Insurance Companies
CompanyJ.D. Power 2021 Property Claims SatisfactionInsurance.com Best Companies RatingNAIC customer complaint indexRateQuote onlineNumber of discountsStates served
Country Financial855*40.58 (lower than average)$328yes119
State Farm88041.52 (higher than average)$531yes3All
American Family89043.0 (higher than average)n/ayes1019
Auto-Owners90040.86 (just below average)$819no826
Nationwide89241.48 (higher than average complaints)$413yes5All

*Country Financial doesn’t rank in the property claims study but is the #1 carrier in the customer satisfaction study.

More condo insurance comparisons:

  • State Farm and Auto-Owners condo insurance are best for owners who prefer to do business through a local agent. 
  • Country Financial and Nationwide offer the cheapest condo insurance rates on average.
  • For the best online/mobile app experience, consider State Farm or American Family.
  • Country Financial condo insurance policies offer higher general limits.
  • Nationwide bundles a handful of extra coverages including credit card and condo loss assessments in its standard HO-6.
  • Nationwide and State Farm provide condo insurance in all states.

Best condo insurance by state

The following states are among the largest holders of condo insurance. Average premiums may vary from one state to another based on weather hazards in the region and other factors.

Best Condo Insurance by State
StateGroup NameCompany NameCoverage set: 04 - 60000 with 1000 Deductible and 300000 Liability
AKAllstateAllstate$316
AKCountry Ins & Fin ServCountry Mut$158
AKState FarmState Farm Fire & Cas Co$597
ALAllstateAllstate$585
ALFarmersFire Ins Exch$1,110
ALFarmersForemost Grand Rapids MI$1,430
ALNationwide CorpNationwide Mut Fire$507
ALNationwideNationwide$576
ALState FarmState Farm Fire & Cas Co$849
ALTravelersTravelers$654
ARAllstateAllstate$582
ARFarmersFarmers$1,361
ARFarmersFarmers$1,380
ARFarmersForemost Grand Rapids MI$606
ARNationwideNationwide Mut Fire$677
ARState FarmState Farm Fire & Cas Co$664
ARTravelersTravelers$565
AZAllstateAllstate$519
AZAllstateAllstate$456
AZAllstateAllstate Vehicle & Prop$439
AZFarmersFarmers Of AZ$666
AZFarmersFarmers Ins Exch$454
AZNationwide CorpAmco$447
AZNationwide CorpNationwide Gen$755
AZNationwide CorpNationwide Mut Fire$585
AZState FarmState Farm Fire & Cas Co$589
AZTravelersTravelers$683
AZTravelersTravelers Personal$1,350
CAAllstateAllstate$529
CAAllstateAllstate$709
CAFarmersFire Ins Exch$892
CANationwide CorpCrestbrook$508
CANationwide CorpNationwide Mut$970
CAState FarmState Farm Gen$559
CATravelersTravelers Commercial$402
COAllstateAllstate Vehicle & Prop$348
COFarmersFire Ins Exch$453
CONationwide CorpAllied Prop & Cas$379
CONationwide CorpNationwide Affinity Co of Amer$471
CONationwide CorpNationwide Of Amer$626
COState FarmState Farm Fire & Cas Co$456
COTravelersTravelers Commercial$562
COTravelersTravelers$557
CTAllstateAllstate$443
CTAmica MutAmica Mut$678
CTFarmersTruck Ins Exch$948
CTState FarmState Farm Fire & Cas Co$544
CTTravelersTravelers$839
CTTravelersTravelers Personal Security$819
DCAllstateAllstate$454
DCState FarmState Farm Fire & Cas Co$661
DCTravelersStandard Fire$321
DEAllstateAllstate$362
DENationwide CorpNationwide Mut Fire$474
DENationwide CorpNationwide Prop & Cas$507
DEState FarmState Farm Fire & Cas Co$491
DETravelersTravelers$573
FLAllstateCastle Key$875
FLNationwide CorpNationwide Of FL$1,364
FLState FarmState Farm FL$1,646
FLTravelersFirst Floridian Auto & Home$749
FLTravelersPhoenix$527
GAAllstateAllstate$474
GAAllstateAllstate$542
GAAllstateAllstate Vehicle & Prop$496
GAFarmersFarmers Ins Exch$1,055
GAFarmersForemost Grand Rapids MI$972
GANationwide CorpNationwide Mut Fire$910
GANationwide CorpNationwide Prop & Cas$742
GAState FarmState Farm Fire & Cas Co$1,169
GATravelersCharter Oak Fire$784
GATravelersTravelers Commercial$1,245
GATravelersTravelers$1,276
HIAllstateAllstate$374
HIState FarmState Farm Fire & Cas Co$316
IAAllstateAllstate Vehicle & Prop$496
IAFarmersFarmers Inc$829
IANationwide CorpAllied Prop & Cas$329
IANationwide CorpAmco$263
IANationwide CorpNationwide Affinity Co of Amer$381
IAState FarmState Farm Fire & Cas Co$321
IATravelersTravelers$412
IDAllstateAllstate$363
IDFarmersFarmers Of ID$463
IDNationwide CorpNationwide Of Amer$192
IDState FarmState Farm Fire & Cas Co$520
IDTravelersTravelers Commercial$871
IDTravelersTravelers$892
ILAllstateAllstate$460
ILAllstateAllstate$539
ILCountry Ins & Fin ServCountry Mut$314
ILNationwide CorpNationwide Mut Fire$490
ILState FarmState Farm Fire & Cas Co$431
ILTravelersTravelers Commercial$556
ILTravelersTravelers$569
INAllstateAllstate$321
INAllstateAllstate$424
INAuto OwnersProperty Owners$851
INFarmersIllinois Farmers$834
INNationwide CorpDepositors$392
INNationwide CorpNationwide Of Amer$511
INState FarmState Farm Fire & Cas Co$411
INTravelersTravco$483
INTravelersTravelers$471
KSAllstateAllstate$493
KSAllstateAllstate$448
KSAllstateAllstate Vehicle & Prop$498
KSFarmersFarmers Inc$1,243
KSNationwide CorpAllied Prop & Cas$364
KSNationwide CorpNationwide Of Amer$480
KSState FarmState Farm Fire & Cas Co$526
KSTravelersTravelers$565
KSTravelersTravelers Prop Cas$552
KYAllstateAllstate$341
KYNationwide CorpNationwide Mut Fire$663
KYState FarmState Farm Fire & Cas Co$473
KYTravelersTravelers Commercial$365
KYTravelersTravelers$373
LAAllstateAllstate$876
LAFarmersFarmers Ins Exch$738
LAState FarmState Farm Fire & Cas Co$816
MAState FarmState Farm Fire & Cas Co$359
MATravelersPhoenix$439
MATravelersStandard Fire$428
MATravelersTravelers$473
MDAllstateAllstate$389
MDAllstateAllstate Vehicle & Prop$347
MDErieErie Ins Exch$331
MDFarmersFarmers New Century$408
MDNationwide CorpNationwide Mut Fire$522
MDNationwide CorpNationwide Mut$217
MDNationwide CorpNationwide Prop & Cas$406
MDState FarmState Farm Fire & Cas Co$566
MDTravelersStandard Fire$357
MDTravelersTravelers Commercial$386
MDTravelersTravelers$395
MDTravelersTravelers Of Amer$357
MEAllstateAllstate$282
MENationwide CorpNationwide Mut$491
MEState FarmState Farm Fire & Cas Co$413
METravelersTravelers$361
MIAllstateAllstate$485
MIAllstateAllstate$501
MIAllstateAllstate Vehicle & Prop$409
MIAuto OwnersAuto Owners$1,080
MIFarmersFire Ins Exch$1,406
MIState FarmState Farm Fire & Cas Co$502
MNAllstateAllstate$310
MNFarmersFarmers Ins Exch$676
MNState FarmState Farm Fire & Cas Co$476
MNTravelersTravelers$372
MOAllstateAllstate Vehicle & Prop$445
MOFarmersFire Ins Exch$694
MONationwide CorpAmco$398
MOState FarmState Farm Fire & Cas Co$575
MOTravelersTravelers$581
MSAllstateAllstate$723
MSFarmersFarmers Ins Exch$864
MSFarmersForemost Grand Rapids MI$780
MSNationwide CorpNationwide Mut Fire$2,098
MSNationwide CorpNationwide Prop & Cas$1,558
MSState FarmState Farm Fire & Cas Co$757
MSTravelersTravelers$736
MTAllstateAllstate$363
MTFarmersFire Ins Exch$595
MTFarmersForemost Grand Rapids MI$476
MTState FarmState Farm Fire & Cas Co$392
MTTravelersTravelers$454
NCAllstateAllstate$562
NCNationwide CorpNationwide Mut Fire$547
NCNationwide CorpNationwide Mut$1,047
NCState FarmState Farm Fire & Cas Co$466
NCTravelersAutomobile Of Hartford CT$709
NCTravelersPhoenix$645
NDAllstateAllstate$320
NDFarmersFire Ins Exch$492
NDState FarmState Farm Fire & Cas Co$373
NEAllstateAllstate$282
NEAllstateAllstate Vehicle & Prop$363
NEFarmersFire Ins Exch$627
NENationwide CorpNationwide Of Amer$307
NEState FarmState Farm Fire & Cas Co$443
NETravelersTravelers Commercial$498
NETravelersTravelers$510
NHAllstateAllstate$310
NHAmica MutAmica Mut$561
NHFarmersFarmers Ins Exch$325
NHNationwide CorpNationwide Mut Fire$448
NHNationwide CorpNationwide Prop & Cas$434
NHState FarmState Farm Fire & Cas Co$805
NHTravelersTravco$410
NHTravelersTravelers$420
NJAllstateAllstate NJ$484
NJFarmersForemost Grand Rapids MI$467
NJState FarmState Farm Fire & Cas Co$626
NJTravelersFidelity & Guar Ins Underwriters Inc$814
NMAllstateAllstate$271
NMFarmersFarmers Of AZ$535
NMState FarmState Farm Fire & Cas Co$431
NMTravelersTravelers$539
NVAllstateAllstate$426
NVAllstateAllstate$514
NVFarmersFarmers Ins Exch$944
NVFarmersFire Ins Exch$849
NVNationwide CorpAllied Prop & Cas$528
NVNationwide CorpAmco$534
NVNationwide CorpDepositors$378
NVState FarmState Farm Fire & Cas Co$872
NVTravelersTravco$537
NVTravelersTravelers$553
NYAllstateAllstate$561
NYAllstateAllstate$368
NYAllstateAllstate Vehicle & Prop$513
NYFarmersFarmers New Century$558
NYFarmersForemost Grand Rapids MI$1,057
NYNationwide CorpNationwide Gen$638
NYNationwide CorpNationwide Mut Fire$391
NYNationwide CorpNationwide Prop & Cas$573
NYState FarmState Farm Fire & Cas Co$366
NYTravelersAutomobile Of Hartford CT$331
NYTravelersTravelers Commercial$493
NYTravelersTravelers$431
OHAllstateAllstate$324
OHAllstateAllstate$308
OHAllstateAllstate Vehicle & Prop$313
OHFarmersFarmers Ins Of Columbus Inc$1,145
OHNationwide CorpNationwide Mut Fire$427
OHNationwide CorpNationwide Prop & Cas$486
OHState FarmState Farm Fire & Cas Co$459
OHTravelersTravelers$556
OHTravelersTravelers Prop Cas$570
OKAllstateAllstate$805
OKFarmersForemost Grand Rapids MI$1,141
OKState FarmState Farm Fire & Cas Co$994
OKTravelersTravelers Commercial$559
OKTravelersTravelers$573
ORAllstateAllstate$328
ORCountry Ins & Fin ServCountry Mut$520
ORFarmersFarmers Of OR$414
ORFarmersFarmers Ins Exch$416
ORNationwide CorpAmco$277
ORNationwide CorpNationwide Gen$688
ORNationwide CorpNationwide Of Amer$606
ORState FarmState Farm Fire & Cas Co$408
ORTravelersTravelers Commercial$492
ORTravelersTravelers$516
PAAllstateAllstate$439
PAAllstateAllstate Vehicle & Prop$389
PAErieErie$487
PAErieErie Ins Exch$194
PANationwide CorpNationwide Mut Fire$468
PANationwide CorpNationwide Prop & Cas$472
PAState FarmState Farm Fire & Cas Co$448
PATravelersTravelers$545
RIAllstateAllstate$441
RIAmica MutAmica Mut$793
RINationwide CorpNationwide Mut Fire$740
RIState FarmState Farm Fire & Cas Co$452
SCAllstateAllstate$550
SCAllstateAllstate$506
SCFarmersForemost Grand Rapids MI$848
SCNationwide CorpAllied Prop & Cas$679
SCNationwide CorpNationwide Mut Fire$620
SCNationwide CorpNationwide Prop & Cas$527
SCState FarmState Farm Fire & Cas Co$672
SCTravelersTravelers Commercial$501
SCTravelersTravelers$513
SDAllstateAllstate$320
SDFarmersFarmers Ins Exch$287
SDFarmersFire Ins Exch$487
SDState FarmState Farm Fire & Cas Co$351
SDTravelersTravelers Prop Cas$469
TNAllstateAllstate$654
TNAllstateAllstate Vehicle & Prop$706
TNState FarmState Farm Fire & Cas Co$739
TNTravelersTravelers Commercial$899
TNTravelersTravelers Personal Security$921
TXAllstateAllstate$775
TXAllstateAllstate$1,175
TXAllstateAllstate Vehicle & Prop$852
TXFarmersTexas Farmers$592
TXNationwide CorpNationwide Gen$960
TXNationwide CorpNationwide Mut$935
TXNationwide CorpNationwide Prop & Cas$1,035
TXState FarmState Farm Lloyds$1,412
TXTravelersTravelers Commercial$974
TXTravelersTravelers$974
UTAllstateAllstate$262
UTFarmersFire Ins Exch$468
UTNationwide CorpNationwide Of Amer$448
UTState FarmState Farm Fire & Cas Co$319
UTTravelersTravelers$491
VAAllstateAllstate$335
VAAllstateAllstate$322
VAAllstateAllstate Vehicle & Prop$370
VAErieErie Ins Exch$227
VAFarmersFarmers Ins Exch$749
VANationwide CorpNationwide Mut Fire$491
VANationwide CorpNationwide Prop & Cas$473
VAState FarmState Farm Fire & Cas Co$615
VATravelersCharter Oak Fire$477
VATravelersTravco$489
VTState FarmState Farm Fire & Cas Co$376
VTTravelersTravelers Prop Cas$231
WAAllstateAllstate$375
WAFarmersFarmers Of WA$553
WANationwide CorpAllied Prop & Cas$324
WANationwide CorpDepositors$276
WANationwide CorpNationwide Gen$358
WAState FarmState Farm Fire & Cas Co$600
WATravelersTravelers Commercial$412
WATravelersTravelers$421
WIAllstateAllstate$241
WIAllstateAllstate Vehicle & Prop$291
WIAuto OwnersAuto Owners$497
WIFarmersFarmers Ins Exch$459
WIFarmersFire Ins Exch$616
WIState FarmState Farm Fire & Cas Co$341
WITravelersTravelers$357
WITravelersTravelers Prop Cas$349
WVAllstateAllstate$219
WVErieErie Ins Prop & Cas Co$373
WVNationwide CorpNationwide Mut Fire$267
WVNationwide CorpNationwide Prop & Cas$323
WVState FarmState Farm Fire & Cas Co$460
WYNationwide CorpAmco$258
WYState FarmState Farm Fire & Cas Co$212

How much does condo insurance cost?

Insurance.com found that the average cost of condo insurance is $625 per year for $60,000 with a $1,000 deductible and $300,000 in liability protection. However, rates can be higher or lower, based on the carrier you choose and the state you live in.

What you should consider before buying condo insurance

Mortgage lenders will typically require you to have condo insurance coverage as long as you’re paying off the loan. However, you don’t want to end up paying for more coverage than you need.

Start by reviewing what’s covered in your homeowners association's master policy. Your HOA insurance policy likely caps out at a certain amount and you’ll be responsible for any loss over the limit. In addition, master policies only cover a condo’s exterior areas. If you want financial protection for overages not covered by a master policy, or to cover theft or loss from covered perils such as a fire, you’ll need your own condo insurance policy.

Knowing how much condo insurance you’ll need depends on the value of your items. Do a rough tally of your personal property, as well as the cost of the materials and improvements. For example, take into account the quality and cost of your kitchen cabinets, type of flooring and any upgrades to your bathrooms. In addition, most policies set limits for items valuable personal property, such as high-value jewelry, electronics and firearms. You may want to add a scheduled personal property endorsement to cover special items worth over $1,000.

As with all types of insurance, shop around for the best value. You may find that the same limit, or the identical amount of coverage, could vary in price significantly from one carrier to another. Get insurance quotes from at least three insurance providers. When shopping for a condo insurance policy, don’t forget to take advantage of carrier discounts such as bundling condo and auto insurance, or adding a home security system for extra savings.

Frequently asked questions

What is covered under condominium insurance?

Similar to a homeowners insurance policy, standard condo insurance coverage provides you with several types of coverage:

  • Personal belongings or personal property coverage: Your condo’s contents, so coverage for your personal belongings
  • Interior damage: Damages to systems and building materials such as plumbing, electrical and walls
  • Homeowners association's master policy coverage limits: Pays for damages over the HOA’s master policy limit
  • Loss of use coverage or additional living expenses: Covers housing and living expenses if you’re forced to temporarily move out
  • Personal liability: Liability coverage provides financial protection in case a guest is injured on your property

Who has the best condo insurance?

There are several best condo insurance companies. State Farm is the best overall. However, Nationwide offers plenty of coverage options and lower average rates than State Farm.

Who has the cheapest condo insurance?

Our research found that Country Financial has the cheapest condo insurance. Rates average $328 per year for coverage. You can save money on condo insurance policies by getting an online quote from at least three companies, and then comparing them to see which company offers the coverage you need for your particular profile at the lowest price.

Do I need homeowners insurance for a condo?

Home lenders will typically require you to have insurance coverage for your condo. While a homeowners insurance policy is similar, condo insurance is designed specifically for condo owners. Nearly all homeowners insurance companies also offer condo insurance policies.

How much condominium insurance coverage do I need?

How much coverage you need depends on the value of your property and unit, among other things. If your master policy, like most, is "bare walls," you'll need to cover rebuilding costs for your dwelling. If you have a recent home appraisal, the standard Form 1004 has an estimated value using the "cost approach," which can give you an idea of what it would cost to rebuild your unit. An agent familiar with local building costs can give you a per square foot figure, or you could have a contractor provide an estimate (rebuilding appraisals cost about $300).

Next, up on you condo insurance policy is liability coverage. You'll choose the amount of personal liability coverage so you want to be sure your assets are protected should you be responsible for a guest's injuries or property damage, or you're sued. You can base the amount of liability coverage on your net worth, total assets, total assets plus five times income -- and add an umbrella policy if needed.

Add coverage equal to your master policy deductible if the standard HO6 doesn't cover it. Add loss assessment coverage -- experts recommend $50,000 worth.

Take an inventory of your personal property. If you're lazy, use the square footage method -- assume $40,000 of belongings for the first 1,000 square feet, and add $10 for every additional square foot. Add coverage for excluded or high-value possessions. Remember this coverage is cheap, so don't skimp.

Add earthquake, flood insurance if you live in an area prone to natural disasters, hurricanes, tornadoes and the like. You can also add sewer backup coverage if you don't want to assume the risk yourself.