If you are a current or future condo owner, there are some things you should remember about condo insurance so as to avoid any problems should you ever need to make a claim.
Your condo corporation’s master policy is meant to cover damage to the building and the contents of any common areas, such as the lobby or gym. However, as the owner of your own unit, you need to have condo insurance to cover your contents, such as furniture.
However it is important to remember that condo insurance does more than just protect your belongings. Usually it will also cover liability claims, the extra cost of any improvements you’ve made to your unit, extra living expenses should you need to move out during repairs relating to a claim, among others.
Keep in mind as well that most condo policies do not automatically include coverage for water damage caused by sewer backups or overland water (heavy rain, for example). Fortunately, this type if coverage can often be added on to the policy.
Should you decide to rent out your condo, be sure to inform your renters that they will need their own tenant insurance policy to cover their own belongings, liability claims and so on. They would not be covered under your condo policy as the owner.
To protect yourself in the best way possible from any loss, be sure to contact your insurance broker who will review the details of your personal situation and advise you accordingly.