Get the Right Amount of Coverage at the Best Price
The more information you provide your agent, the better we can assist you in creating a condo policy that’s right for you. It is always advantageous to use the same insurer for both your condo insurance and vehicle insurance. This allows you to maximize the discounts offered by the insurer.
Extra Coverage Doesn’t Have to Cost a Lot
Many people supplement their condo insurance coverage with personal umbrella liability insurance for broader protection. If you have high value possessions such as jewelery, art, antiques, or collectibles these items can be subject to special limits of insurance and it is always recommended to schedule these articles on your condo policy.
Condo Insurance The Basics
When purchasing condominium, you are owner of your unit and of a part of the areas shared by all the other owners of the building, such as the corridors, roof, basement, elevators, heating room, swimming pool, parking and garden.
Building insurance and general liability
The condo corporation will purchase a master insurance policy covering the entire building. This policy covers all common areas of the condominium. Any betterments and improvements done to individual units are not covered by this policy and must be covered by each unit holder’s policy.
Coverage A: Unit and Improvements and Betterment
Apart from your personal property, you must cover the improvements you have made to your home which are not covered by the condo corporation’s master policy. Your condo insurance policy will cover any significant upgrades made to your property such as wood or tile floors, custom cabinets and other upgrades to your unit.
As a co-owner of the condominium complex, you are responsible for areas shared by all owners of the building and for losses that may occur. The insurer will pay, up to a stipulated amount, your portion of any special assessment that is valid under your condo owners by laws.
Apart from insuring your improvements and betterments, you also want to insure your condominium unit itself. You will then be covered should the condo corporation’s insurance not fully cover a loss to your unit.