If you've got a condo and you need insurance, you have lots of options. Getting several quotes on condo insurance is definitely the best way to save yourself some serious cash.

But how can you be sure you're getting the best coverage for your needs at the best price? Check out our insurance for condos checklist THEN choose an insurance quote.

What's Already Covered?

Unlike a house where you own it all, in a condo you only own part of your home. When you want to insure a condo, you need to consider which parts are your sole responsibility and what areas will be a shared responsibility between you and the rest of the owners in the complex.

Check Out the Master Policy

The condo or co-op association has a master insurance policy that is shared among all the owners in a complex. Generally, this policy covers the areas you all own jointly--hallways, pool area, building exteriors, parking areas. This can vary greatly from one complex to the other, so it's important to look at your individual condo or co-op association master policy.

Depending on what's covered by this master policy, you will need to buy your own insurance to protect the rest.

How Much Is the Association Deductible?

In the event of a disaster, you won't just be concerned with the deductible of your individual policy. You'll also have to share in paying a piece of the condo association's master insurance policy deductible.

In order to keep costs down, these deductibles can get very high--up to $50,000. Knowing what you'll be expected to shell out for that policy can help you determine how high you want to (or can afford to) go on your individual deductible.

How Much Condo Insurance Do You Need?

Now that you know what isn't covered by the master policy, it’s time to do a little math and figure out how much condo insurance you will need to protect yourself and your investment.

Unlike traditional homeowners who begin by determining the cost of rebuilding the structure of a house, condo owners should start by estimating replacement costs for their interior structure and home contents.

Imagine ripping the roof off your condo, picking it up and turning it upside down. All the stuff that falls out could be considered home contents. The things that are left behind make up the interior structure.

Determine the value of replacing the interior structure, things like wood floors or carpets, cabinets, countertops, lighting fixtures, etc. Then do a home inventory and determine the value of everything else you keep in the condo (furniture, electronics, clothing, appliances, your bike, books, everything.

Add It Up and There’s Your Magic Number

Cash-Value or Replacement-Cost Coverage?

Now that you know how much coverage you need, it's time to decide what kind to buy. Cash-value coverage replaces the value of the insured item minus depreciation. Replacement cost coverage replaces the item without factoring in depreciation.

Got Extra Fancy Stuff?

Be sure to mention your baseball card or toy car collection when getting a quote. List Grandma's wedding ring and the original Chagall print you inherited from Uncle Ralph. Such valuable items may not be covered for full value unless they are specifically listed in the policy. And they might require expanded coverage.

Ready, Set, Shop!

Now that you know how much coverage you need, head to InsWeb.com to compare insurance quotes. After all, comparing quotes is the best way to save on condo insurance.