A homeowners policy will cover damages to the building itself since the homeowner owns the entire structure. A condo policy only needs to cover the individual unit inside from wall to wall since the building itself is covered under the association master policy that is paid for by all unit owners through their HOA fees.  Unit Owner’s policies also provide for Personal Property, Loss of Use, and Liability coverage.

The cost of Condo insurance will vary and mostly depend on the value of their Personal Property. So someone who owns many expensive things, such as jewelry, fine art, antiques, or collectibles, will need to carefully consider their value when selecting their coverage limits. A policy with higher limits will have a higher premium. Generally speaking, it ranges from $300 to $500/year, depending on the value of your personal property and the type of coverage you choose.

Jewelry is included in your personal property coverage up to certain limits on a homeowner/condo/tenant policy. Most carriers have different levels of coverage that increase the included amount for jewelry, so be sure to look at your policy's limits to confirm they are adequate. Expensive jewelry costing outside those limits can be added to policy to provide adequate coverage.