If you live in a condominium, a regular homeowners insurance policy is not appropriate for you. As the owner of a condo, you're not responsible for covering the actual structure of your dwelling. Instead, the condo association has one major insurance policy that covers the actual structure of the condominium building.

Interior condo walls (those that you can paint and hang shelves on), the wiring within these walls, and the plumbing within the actual unit should be covered under the insurance policy of the individual condo owner. In addition to covering these items, it should also cover the personal property within the condo. If you have extremely valuable art, jewelry, or antiques, then they might exceed the limits of your personal property coverage and could require special insurance.

Be sure to compare home insurance rates that are appropriate for the type of property you own and possessions you have. That way, you can find coverage that fits into your budget from the start.

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