55k condo what kind of insurance policy?

[Eric Hrlbock]

Bought a 55k condo. I was wondering what kind of policy. Geico has a full year policy covering 20k for $250/yr The rep. Said that's all I need. What does the bper's think???

[Eric Belgau]

What are you going to use the condo for?

In a condo most of your property insurance comes through your HOA. You should review that policy to make sure you're comfortable with everything you're getting. You may need to supplement the building policy in some ways.

You'll also need liability coverage and, if you're occupying the condo, coverage for your personal property. I would strongly recommend taking the insurance portion of your HOA handbook with you to a face-to-face with an insurance agent.

This is especially true if you bought the condo to rent it out because then you get into additional liability issues for which you should get direct personal advice.