How much coverage for condo insurance ?

Hey,

If you own a condo, you need to get insurance for your place. For me, insurance is a security blanket. In case something happens to my property, the insurance will safeguard me. In the paragraphs below, I will share how much coverage for condo insurance. 

Condominium unit owners insurance is available in two variations. I think they are called "bare walls in" and "all in". According to the variation you pick, you calculate an estimate of the amount you will need to rebuild your condo in case of an accident or peril. 

Condo insurance is similar to other home insurances. Though, according to the Condominium insurance coverage guide, a condo doesn't need as much coverage as a standard property. To figure out the exact coverage you should look at the association's master insurance policy or speak to insurance companies. 

Different insurance providers have different coverages. Some lenders include buildings, elevators or stairs, and other common spaces. Most lenders use a per-square-foot benchmark for giving insurance. 

For a 1,150 square foot condo that's valued at Rs.700,000, the condo insurance given would be:

• 20% of your condo’s value , or appraisal value, or Rs.140,000 (Rs.700,000 x 0.2)

• Rs. 100 per square foot for regular and standard finishes, or Rs115,000 (Rs 100 x 1,150)

This is all from my side on how much coverage for condo insurance.