Insurance for a Condo

[Matt Rutter]

Hey all,

We have a vacation condo that we are planning to rent out 75% of the time. 

We haven't had to insure a condo before, and it's a bit confusing. We were initially quoted property dwelling coverage of $60k for a 1,000 sqft condo through NREIG. After speaking to an agent they said that it would be better to insure the mortgage loan value for property dwelling of $191k.

I'm looking for advice whether this is a best practice or if there are other tips to dial in this insurance to cover our needs in the event something happens to our unit or the whole building. It's hard to understand what our insurance woukd cover and what the buildings would. 

Thanks! 

[Matt Rutter]

Quote from @Nicole Heasley Beitenman:

Does the HOA have an agent they can recommend? If there's a particular agent who does a lot of business in that specific condo community, they may be able to provide better insight.

 This is a great question and I never thought about this. Thanks for the tip!