Being the proud owner of a condo, you may not have to worry about mowing a big front lawn or maintaining the pool out back – but you still need condo owners insurance.

It Takes 2 - You Will Need Two Separate Policies:

Your Own Insurance Policy

Your own insurance policy provides coverage for your personal possessions, structural improvements to your apartment and additional living expenses if you are the victim of fire, theft or another disaster listed in your policy. Your own insurance policy also provides you with liability protection.

A "Master Policy"

Unlike your own personal policy, a master policy is provided by the condo/co-op board. This covers the common areas you share with others in your building like the roof, basement, elevator, boiler and walkways for both liability and physical damage.

The key to saving on condo insurance is to shop around! Be sure to get several quotes from a trusted site like lowestpolicy.com before you buy – prices can vary widely across insurance companies so getting more than one quote from an unbiased site is critical.

Six Essential Tips for Savvy Condo Insurance Shopping:

1. Read the Fine Print

Don’t jump to conclusions as to which is your responsibility and what is the responsibility of the condo owner's association. In order to make sure you’re not either under or over insured, determine exactly what is covered by your policy – this way you are only insuring those things that actually need to be covered.

Sometimes the association is responsible for insuring the individual condo or co-op units, as they were originally built. If there have been any alterations, you are responsible for insuring those. For example: if you or a previous owner remodeled the kitchen or bathroom, that would be covered by your individual policy, not the one your association maintains.

Other times, the association is responsible only for insuring the bare walls, floor and ceiling. So you have to insure things like kitchen cabinets, built-in appliances, plumbing, wiring, bathroom fixtures, etc.

2. Sharing Isn’t Always a Good Thing

Ask about unit or loss assessment coverage. This reimburses you for your share of an assessment charged to all unit owners as a result of a covered loss. For example: if there is a fire in the lobby, all the unit owners are charged the cost of repairing the loss – having unit assessment coverage will reimburse you for this unexpected expense.

3. Keep Dry

Damage as a result of backed-up sewers or drains may not be included in your standard insurance policy. If it’s not, water back-up coverage may be a good idea. It's certainly an option worth considering.

An umbrella liability policy will also keep you dry (and protected) when it comes to extra expenses. It’s inexpensive and will get you more coverage than a standard condo/co-op policy.

Flooding is not typically covered by your insurance policy – so if you’re living in an area that’s prone to larger-than-life puddles, be sure to get special flood insurance.

4. The Higher, the Better

Deductibles are a big deal when it comes to your insurance premium. Don’t just take the amount for granted – be sure to get the highest deductible you can live with. The amount of money you’ll save from choosing a high deductible now will more than make up for the cash you’ll shell out if anything happens later.

5. Float Your Fancy

If you own expensive jewelry, furs or collectibles, you might consider getting additional coverage since there is generally a $1,000 to $2,000 limit for theft of jewelry on a standard policy.

6. Discounts!

There are a bunch of different discounts available from from insurance companies, so be sure to ask about the following when you shop for a condo insurance policy.

Safety Discounts: If you have or install smoke detectors, alarm systems, deadbolt locks, closed-circuit television, a secured-entry system or a doorman.

Group & Multi-line Discounts: If you insure your unit with the same company that underwrites your building's insurance policy, you might get a credit on your premium. You could also qualify for a multi-line discount if you buy your condo insurance and auto insurance from the same company.

Non-smoker Discount: Studies show non-smokers have a lower likelihood of setting their homes on fire. Go figure. Lower risk, lower premium!