Whether you own your own residential or business condominium or rent an apartment, or commercial space, it is critical that you know what you own, what you are responsible for replacing, and that you carry the right amount of property insurance.
How often are betterments and improvements overlooked? In most situations they need to be replaced in the event of a major loss whether paid for by you or a previous owner (condos) or tenant. Even in an apartment or commercial rental situation, the landlord will look to the tenant to pay the cost to replace appliances and betterments sometimes whether the loss was caused by the tenant or not.
In every situation, always make sure you factor in the total values of all your contents/personal property as well as betterments and improvements, at risk. Even a small one-bedroom apartment with furnishings, electronics, clothing, kitchenware, sporting goods, and toiletries, could easily reach $50,000.
The premium involved to insure for the correct limit is usually minimal so getting this right the first time is never a huge financial burden.