How much condo insurance do you really need?
If you just bought a condo, or you’re renting one, you may be wondering how much condo insurance you need. Part of your condo fees is for maintenance and insurance of common or shared areas such as the building’s exterior (roof, cladding, windows, etc.). But what about your own property and liability? For that, whether you own or rent, you need a personal condo insurance policy. Let’s break it down.
There are 2 insurance policies for condominiums:
- Commercial condo insurance—This policy, which covers the structure of the building and the common areas, is owned by the condo corporation.
- Personal condo insurance—This is the policy you own, which covers your condo’s contents, upgrades, personal liability.
If you’re renting your condo, the commercial condo insurance remains the same, but you’ll want tenant insurance to protect yourself and your valuables.
For this article, we’ll focus on personal condo insurance and the coverage you need for your particular situation.
Condo insurance coverage limits: A comparison
A personalized condo insurance quote will give you the exact value of your policy. The suggested guidelines below offer an overview of the coverage you can expect for a variety of different situations.
Condo insurance policies are affordable and easy to obtain. If you already have one, review it to ensure you’re fully covered. If you’re living without insurance, get a policy to ensure peace of mind.
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Condo insurance tips
There are a few other things to consider when purchasing condo insurance:
Locker: Your condo insurance also covers your personal locker. A private locker is considered part of your insured dwelling. Inform your insurer and include it in your policy.
Valuable and special items: You should get coverage for all non-standard, valuable items you have in your condo. You can add a jewellery endorsement if the specified limit is not enough. You may consider adding other endorsements such as costly music instruments, sporting equipment, or a rare art or wine collection.
Home-sharing programs: Airbnb can create extra income, but not informing your insurer may result in a denied claim.
These insights are shared by InsurEye, a leading Canadian platform for consumer insurance reviews, offering home insurance quotes across Canada including home insurance in Edmonton, Calgary, Toronto, Vancouver and other locations.
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