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Yes, a typical condo insurance policy does cover appliances, not from wear and tear but from mechanical failure due to an insured risk. For example, if a power surge in the building ruins your appliances, you can submit a claim. If you're planning on upgrading your appliances, be sure to inform your provider ahead of time. 

Yes, condo insurance covers special assessments, sometimes up to their full value. Poorly managed condo finances can cause a shortfall when it comes time to replace the shingles on the building. Or maybe another unit's owner smoked in bed, causing a fire that damages the majority of the building.

These types of incidents – where the condo corporation's insurance policy doesn’t cover all the costs – mean the corporation can pass an assessment to each unit owner. These assessments can be financially devastating, and even if you sell your unit, you have to disclose the special assessment. As a unit owner, it’s essential that you protect yourself against insurance-related assessments by having the right personal condo policy in place. 

The average cost of condo insurance is approximately $30 to $50 per month, but the rate you'll be paying depends on a multitude of factors. To find the exact cost for yourself, be sure to compare personalized quotes with us using our condo insurance calculator. 

Condo insurance doesn’t cover all instances of damage to your unit. Here are some examples of scenarios in which you probably won't be able to submit a claim:

• General wear and tear
• Any act considered intentional or criminal
• Damage to your unit caused by rodents or termites

Condo insurance isn't necessarily mandatory, but some buildings may require its owners to purchase coverage for their unit. And if you have a mortgage on the property, your financer will likely require insurance as a stipulation in the contract. If you're renting a space, tenants may be required to purchase renters insurance, either by the building or the landlord.

Remember, you aren't completely covered by the building insurance. So even if a condo insurance policy isn't required in your case, it's a good idea to consider one anyway for the added financial protection.

Make a complete list of damaged or stolen items. Call your insurance provider as soon as you can, and ask about what you’re entitled to – especially if you can’t live in your condo due to the damage. A claims adjuster will be in contact with you to fill out a proof of loss form. If your property needs repairs, be sure to ask if you need to find your own contractor or if your insurer will supply one.

The simple answer is yes. While Airbnb does provide host protection, it may not be enough. You should always contact your insurance provider and your condo corporation before listing your property on the platform. Not all home insurance providers offer short-term rental insurance, so you may need to find a new insurer before you start making some income. 

The contents insurance on your condo policy provides coverage for your personal belongings, including items stored in your unit and items that travel with you. Some examples include furniture, technology, and clothing.

Keep in mind that contents insurance often has specific limits, depending on the type of item you're claiming, and you may need to purchase an endorsement to increase your limit for valuables, such as art and jewellery.

Condo insurance is a specialized type of homeowner's insurance, designed to protect you against the specific risks of owning a condo unit. While it typically isn't required (unless stipulated by a mortgage lender), it's highly recommended. Your condo corporation's insurance doesn't cover many risks for your personal unit, and you wouldn't want to be at a loss when it comes to one of your biggest investments.

The monthly maintenance fee you pay covers your condo corporation's insurance which does not equal to the same level of protection as a personal condo insurance policy. 

In most cases, yes, but this highly depends on the exact properties you're comparing as well as the limits on your policy. Insurance for a house tends to be more expensive because insurers account for more dwelling coverage, in case anything happens to the physical structure of the property. 

The more expensive your condo unit costs to repair or rebuild, the higher your insurance premiums will be. And if you have valuable contents – such as jewellery and technology – expect to pay more for the added protection. 

If you're unhappy with your insurance premium, the best thing you can do is compare condo insurance quotes. That way, you won't be settling for the first insurer you find and instead, seek the lowest rate on the market.