The property is insured at 100% of its value compared to standard insurance policies, where the full worth is not received. Yearly appraisals will not need to be carried out because the blanket limit will be much higher than the building's value, so you will receive a full amount if a claim is made. However, Blanket insurance can be approximately 10% more expensive than standard insurance coverage because the latter covers each property individually, but the cost is shared by condo residents collectively. Despite being expensive, Blanket insurance offers better security for a large property like a condo, and with the contribution of all its residents, it can afford to secure it. You should check with your Condo Association about the kind of insurance policy they have in place and what will work best for your condo community. Now that you know what a blanket insurance policy on a condo is and what it entails, you can make an informed decision.