Home Insurance is not a luxury, but 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 was to suffer a fire, lightning, impact from an aircraft, theft of your belongings or window damage. Optional Coverage, which can be purchased quite affordable, extends that coverage to include; earthquakes, sewer back-ups, and items of significant value (watches, jewelry, clothing, artwork or collections).
Condo Corporations carry their own insurance on the buildings, outbuildings, and property. Of significant importance are any upgrades you may have made to your unit, or if the condo’s insurance is not adequate enough to cover your personal loss. Having your own condo insurance policy will ensure you are protected.
What’s covered in the condo’s insurance plan?
The condo corporation’s insurance generally covers the following: common areas, driveways, hallways, stairs, roof, pools, and garages. Original plumbing or electrical fixtures, floor, and wall coverings, in addition to, any equipment or shared items of worth, would also be included in the corporation’s policy.
What should you make sure you are insured against?
Loss on any upgrade you have made to your condo, such as; a deck, heating system, hot tub, etc. You want to be sure if something should happen, that you do not suffer a loss against the amount your assets are truly worth.