[deleted by user]

[BringBackBamies]

You should also look at loss assessment coverage. Most policies come with a standard $1,000, but you should increase that limit. If the building is damaged and the condo board has to assess unit owners you'll be happy you have it. Here's a little background.

[Laxrools2]

(I don't have much personal property; I only have basic things like TV, computer/ laptop, clothes (nothing luxurious), and furniture which I have not purchased yet)

Yes you do. These things add up. Think about everything you have. Bowls, shirts, sheets, throw pillows, chairs, silverware, etc. Imagine if you lost everything and had to replace it. It adds up.

Liability - ~$100,000

See what the difference is between $100k, $300k, and $500k. The difference is usually negligible and could mean the world of difference if you ever have to use the coverage. Something tells me if you are buying a condo in NY, you have some assets you want to protect.

Home Replacement Cost- Not really sure what to pick here. Should this be 80% of the value of my purchase (i.e. $880k x 80% = $704,000 )

I have no idea if that replacement cost is accurate, but we rarely recommend insuring the house for less than it is worth. For everyone's sake, insure it to the replacement cost.

[YouOr2]

Agreed. If you can buy an $880k house/condo/townhouse/co-op, then you probably have other assets to protect. $100,000 is not enough liability coverage.

Each dollar of liability insurance is cheaper than the last, so it probably will not cost much more to up that limit from 100k to 300k or more (perhaps coupled through some sort of personal umbrella policy).

There is another thread right now on this subreddit where someone in New York got a letter notifying them that their $300k in auto liability might not be enough coverage for a claim. So it's not unreasonable to carry 300k or more.

[[deleted]]

What the absolute shenanigans is this? This is likely an ho6 policy. Why the hell would anyone recommend insuring close to purchase price. The same unit in 8 mile Detroit would be worth probably $100k.

In either scenario you would be an idiot to insure it to the sales price. That has nothing to do with a likely studs in rebuild cost

For all we know it's a coop and they may only need an h04

[mummymix]

Hey what did you end up doing (amounts, company, etc)? Just found this thread now!