What is Condo Insurance? It is a particular type of home insurance. The main difference from standard home insurance is that a condominium corporation typically already has an insurance policy that covers the building itself and its common areas such as the lobby, halls, elevators etc. There are, however, many other aspects that are not covered by a condominium corporation’s policy and that’s where condo insurance is needed:
- Your personal belongings and contents of your condo
- Any unit upgrades you made (e.g. floor, bathroom, cabinets, carpets, ceiling etc.)
- Your liability towards others (e.g. if you flooded your neighbours)
- Valuable items (e.g. jewelry, wine collections, art items etc.)
- Living expenses that you can incur if your home is temporarily not available for living (e.g. after a fire)
Also, condo insurance can cover deductibles (depending on your policy) that you might have to pay according to the Condominium Corporation’s policy. You will need to make sure that before buying a condo insurance policy, you have a chance to review the Condominium Corporation’s insurance policy and understand what’s covered and what’s not. If you are interested in protecting your condominium unit, we can help you to get cheap condo insurance or find out if you are paying too much for your existing policy.
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