Condo insurance is insurance for your condominium unit, which covers your:
- Personal property which includes your appliances, furniture, clothing, electronics, and items in your locker;
- Personal liability which provides liability for unintentionally causing property damages or bodily damage to others (such as a fire or flood starts in your unit); and
- Additional living expenses in case you are relocated during the condo’s restoration.
While your condominium corporation has insurance for the building’s common elements , it is strongly recommended that you purchase insurance for your unit. After all, most condo insurance policies cost about $25 – $35 / month.
What about my storage locker, is that covered by Condo Insurance?
If you have personal belongings stored in your storage locker, it is essential that you mention that to your insurance company.
What about renovations to my unit, is that covered by Condo Insurance?
You need to mention any improvements/renovations to your unit as the shared insurance policy does not cover these. Improvements include things like new flooring, appliances, countertops, plumbing, or light fixtures.
Should I consider Loss Assessment Coverage?
When you buy condo insurance, most of the time, you will have the option of adding loss assessment coverage. This coverage is useful in cases where claims involving the building or its common areas exceeds the condominium corporation insurance limits. When this happens, condo owners bear the burden of making up the difference. Loss assessment coverage protects condo owners in these cases.
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