Insurance for the condominium you own

You own your condominium apartment or condominium townhouse and it is the single largest financial investment you have. So shouldn’t you do everything you can to protect it and you from financial loss? Purchasing insurance is the easiest and most efficient approach to obtaining protection.

Insurance for condominiums differs from that of a traditional homeowner policy. When you own a condominium, you own a portion of an overall property. The building is covered by a separate insurance policy that is in the name of the condominium corporation that you own a share of. The coverage you need is for the inside of your unit and all that is in it. You also need coverage liability – damage that is caused to others or their property.

In speaking to my clients, I have found that most turn to price alone for determining their coverage. While price is an important factor, you should also consider how much you will need to replace all of your belongings if they are lost or to replace all of the upgrades that you have made to your unit. These can add up and purchasing minimum coverage and focusing on price alone can leave you inadequately covered in the event of a loss. In doing so, you are self-insuring key exposures that should be left with the insurance company.

For your condominium apartment or townhouse, call or contact me and I will help you find the right coverage at competitive prices. I will provide you with advice on what aspects you should consider self insuring if you are looking to reduce your premiums and those that can hurt you financially that you should leave with the insurance policy.

Insurance for the condo unit you rent to others

You’ve purchased a condominium as an investment property and are renting it out to others. There are several aspects that you have to be aware of and the most important of which is to protect your financial investment.

Since you won’t be residing in the unit, you’ll need to obtain insurance coverage for the appliances that you own in the unit, improvements and betterments you’ve made or purchased with the unit and of course, liability insurance. Along with these coverages, there are optional coverages available to cover your rental income, water damage (sewer back up and/or flood) and many other options.

You will also want to ensure that your tenant purchases their own insurance (tenant’s insurance or renter’s insurance) to protect their contents and liability should they do anything that causes damage to other’s property or bodily injury.

Find out more about how you can obtain competitively priced insurance to protect you – call or contact me.

Resources:

• Condominium Authority of Ontario

 

Blog Post:

• 07/21/2017 – Condominium insurance doesn’t have to be expensive if done right
• CBC.CA – May 27,2015 – Ontario to update condo Act to lower cost of dispute resolution

Keywords:
Condo; Condominium; Seasonal Condo; Secondary Condo; Property Insurance; Rented Condo; Rented Condominium; Condominium Owner; Ontario; Oakville; Mississauga; Hamilton; GTA; Greater Toronto Area; Dundas, Ancaster; Burlington