A higher deductible can mean lower insurance premiums, but if something happens, be prepared to pay out that high amount. If your co-op or condo building is damaged by an insured disaster or its members are sued, and the cost of that damage is not fully covered by the association's policy, this type of coverage would pay for your share of an assessment charged to all unit owners. If you live in an area where either may occur, consider adding coverage for either catastrophe, or both. Most policies set limits for items like jewelry, collectibles, and computers. If you own expensive items, you can pay extra premiums to have those items fully insured under what is called a floater.
Insurance companies offer an array of discounts.
If you insure your unit with the same company that underwrites your building's insurance policy, you might get an additional reduction in premium. More discounts might be available depending on your age or whether you're a nonsmoker. Building location and amenities also play a role in your rates. Typically, the better quality and newer the dwelling, the lower your premiums will be.