House Insurance

Standard house insurance states that the policy will protect the structure of your house and its contents from perils such as fire, flood and earthquake. In case of loss due to risks listed in the insurance schedule, the insurer will compensate on the base of the house’s reconstruction cost. The replacement cost is calculated on the basis of local property values and the construction cost, you just have to estimate the cost of reconstruction, which should be the same as the insured value and the insurance company will pay accordingly in case of loss. You will also want to insure the contents, such as jewelry, electronics and furniture, of any property you have against fire, theft, accident and other risks.

Condominium Insurance

Usually, the owners of the building insure the structure of the building so you should only need contents insurance. If the owners have not insured the building, you can buy cover individually as well. However, you may want to purchase additional insurance to cover reconstruction in case the purchased insurance value does not cover the premises sufficiently. Liability insurance is crucial for a condo as your share your walls with your neighbors.

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