If you live in a condo, we recommend you have insurance to protect your investment. To further convince you, we’ve outlined why you need it and explain your coverage options.
Did you know that condo insurance is much different than homeowner insurance?
What makes it so different?
The relationship between the condo unit owner and the condo corporation make it dissimilar. A condo owner is only responsible for the inside of their condo, as they do not own the building.
Different types of condo insurance to explore
When it comes to selecting the right coverage for your condo, you will need to ensure you review and understand your options. These condo insurance policies are established to complement one another so there isn’t a chance duplicating coverage.
- Third Party Liability | This type of insurance protects the condo owner from any lawsuits that are related to the condo.
- Contents or Personal Property | This includes anything that is movable within your condo, such as appliances, furniture, equipment, and electronics. Most of these policies follow a ‘Replacement Cost’ value, which means if you had to buy everything new today, it is how much it would cost to replace those items.
- Improvements & Betterments | This is an insurance coverage that is unique to condos. It is based on improvements that are made upon the original finishing of the condo.
- Additional Living Expenses | This provides you with the funds to live somewhere else while your condo unit is being prepared.
- Loss Assessment | This is an added feature that allows you to insure the property and liability if the condo corporation insurance falls short to cover the loss.
- Contingent Coverage | Another added feature, this insures your unit in the case that the condo corporation policy fails to protect you.