Your Condo Insurance Cheatsheet: Know the Basic and Protect What Matters

Are you planning on making the move from renting to purchasing your first property? Condos are often an ideal transition point for those ready to leave tenant life behind, but who may not need a single family home to meet their needs, or who simply prefer the convenience of an externally managed residence. If you’re planning on making the leap to condo life in the near future, make sure you start off on the right foot by setting yourself up with the right coverages to keep you protected. Learn more about condo insurance basics with our quick guide below!

Why Do I Need Protection?

Simply put, purchasing a condo is an investment. Your new home deserves to make you feel as safe and secure as possible; that includes knowing your contents and liability are covered in the event of the unthinkable. The right insurance policy will ensure that the things that matter most are protected in the event of a claim, giving you peace of mind, 24/7.

What Is Covered By My Condo?

A common point of confusion among new condo owners is what is covered by the condominium’s insurance policy and what they are independently responsible for. While a resident’s monthly condo fees will often go towards covering common/shared areas within the building, it’s important to know that personal belongings, as well as any addition improvements you make to your unit are not covered by your condo board.

What Does A Condo Insurance Policy Cover?

As mentioned above, any personal belongings or renovations to your space are not covered by the condominium’s overall insurance plan. This means that it is important for residents to make sure they have coverage for the contents of their unit, as well as suitable insurance to handle any liability claims that may happen on the premises, and any significant renovations that may increase the value of your residence. To put it simply: even though the building itself may be covered by the condominium, it’s up to each individual resident to ensure they have protection for their independent assets.

Content Coverage

Your home is full of valuable objects and possessions that help make your space unique. Content coverage protects personal belongings including clothing, electronics, furniture, jewelry, and more. Without a personal condo policy, your items are not covered in the case of covered claim in your building.

Betterments and Improvements

One of the best aspects of purchasing a condo is the freedom it gives you to personalize your space. Custom renovations and improvements can be a worthwhile investment and help you make the most of your new home, but without the proper protection, improvements will not be covered from any damage by the condo board policy. Betterments and improvement coverages ensures your hard work is protected in the event of a claim.

Additional Living Expenses

Don’t let disaster leave you scrambling to find accommodations. Additional Living Expenses ensures you have coverage to find a suitable place to relocate in the event that you need to vacate your home due to a claim or other sudden event.

Liability Coverage

Slips, trips, and falls happen; so does accidental damage to adjacent property. Don’t let an unfortunate incident bury you in costly expenses. Liability coverage is there to ensure you’re protected in the event that someone injures themselves on your property, or should anything happen to your building/neighbouring units (i.e. leaking water from your tub flooding over).

Loss Assessment

In the event of an assessment by the condo board pertaining to shared spaces or the building yourself, your coverage will help protect you against costly charges if the coverages apply to type of loss at hand.

Bonus: Identify Theft Coverage and More

Did you know that you can build crucial protection like identify theft coverage into your condo policy? Contact your insurer to learn more!