Home Insurance is a necessity. The type of insurance policy you should have depends on what you own and what you are willing to risk. Comprehensive Home Insurance is an inclusive policy that covers both buildings and contents against perils, other than those specifically excluded. Basic plans cover you if your house is impacted by a fire, lightning, impact from an aircraft, theft of your belongings or window damage. Optional coverage includes earthquakes, sewer back-ups, and items of significant value (watches, jewelry, clothing, artwork or collections).
Condominium corporations carry their own insurance on the buildings, outbuildings, and property. It is important for you to cover any upgrades you may have made to your unit and/or any risk of personal loss that the corporation’s insurance does not adequately cover. Having your own condo insurance policy will ensure you are protected.
What’s covered by the condominium corporation’s insurance plan?
The condominium corporation’s insurance generally covers the following:
- Common areas, driveways, hallways, stairs, roof, pools, and garages
- Original plumbing or electrical fixtures
- Original floor and wall coverings
- Any equipment or shared items of worth
What should you make sure you are insured against?
It is important to ensure you are protected against loss on any upgrade you have made to your condo such as a deck, heating system, hot tub, etc. You want to ensure that you do not suffer a loss against the full worth of your assets.