Condo Homeowner's Insurance - Dwelling Coverage

Generally speaking "replacement price" is what is required/sugggested. Do an analysis of the cost per foot to "rebuild" you apt and aquire a policy accordingly.

This is not expensive insurance. Considering you are responsible for everything but the walls, it adds up. Think appliances, flooring, carpet, furniture....

Mara, In the past Fannie Mae and Freddie Mac required the dwelling coverage to be at least 20% of the appraised value. They've relaxed this guideline and it's now up to your insurance agent to provide a coverage that would be sufficient to replace the walls in portion of your unit. Most lenders will now accept coverage that seems reasonable.

What would be a good estimate of how much I need for dwelling coverage?

Walk around your apartment and make a list of what's in your apartment --include everything, appliances, carpet, wall paper, blinds, etc then look up how much it would cost to replace those items. Then you'll know much coverage you need.

I am applying for a mgt with WF and they told me they require 20% of the appraised value. Is there something I can quote that this no longer applies?