Condo living is convenient. Typically, your condominium association takes care of insuring the building and shared amenities. Residents need to be concerned with loss assessment, improvement and betterments, contents and liability coverage.
So you’ll need to make sure you have the right coverage for all your belongings to protect them from fire and theft. And when you renovate your condo’s interior, those improvements are covered, too.
Your condo policy also provides:
- Liability coverage in case someone gets hurt while in your home or if you unintentionally injure someone or damage their property.
- Identity theft expense coverage, which helps to cover you financially if your identity is stolen. Identity theft expense coverage comes with no additional premium, and any claim under this coverage will not affect your claims-free status.
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.
What type of condo do I own?
Bare Land Units - In a bare land unit, you buy the actual land and anything built on it. Usually the exterior walls, the roof, the foundation, driveway and at least part of the landscaping are part of the condominium unit and must be repaired and maintained by the individual unit owner. However, the exterior repair and maintenance obligations of the individual bare land unit owners may be transfered to the condominum corporation through the registration of properly worded bylaws.
Condominium Unit - The exact boundaries of each condominium unit are identified in a condominium plan. When you buy a unit you acquire title to a space that is usually bound by walls, floors, and ceilings. You are responsible for the maintenance, repair and remodeling of your unit.
**Your realtor or condo board should be able to provide this information
When you call us, we do the shopping for you by obtaining quotes from multiple insurance companies and provide you with the most competitive price and comprehensive coverage.