Condo Insurance Specialists Servicing All Of Atlantic Canada
Your Condo is your sanctuary, where you relax and escape from the world. Although you do not own the building, you do own the interior of your condominium unit and your treasured possessions contained within. Having said this, you need to have good Condo Insurance to protect your belongings and even more!
Things To Be Aware Of
- Improvements and Betterments that you make on your unit will increase the value of your Condo. These increases in value are not recoverable under the Condominium Corporation's building policy. You will need to have extra protection on your own Condominium Insurance for those improvements and betterments.
- No Overlap or Risks - GoToInsure.ca wants to make sure that your personal protection and your Condo Corporation protection don't overlap. You do not want to overpay for unneeded Condominium Insurance and most importantly, you do not want to be at risk of not having enough coverage. Please verify with your Condo Corporation of the details of their coverage.
- Condominium Corporation Responsibility - The Condominium Act requires that they purchase a single amount of insurance in its own name to cover:
- The value of the building (as it was originally constructed), including the value of those units owned by its members.
- The value of the common elements (Parking area, Landscaping, Recreational Areas)
- Loss Assessment Coverage - This protects you if the Corporation's policy is inadequate to cover a loss to collectively owned property, a special assessment may be imposed against each unit owner. This could occur because of:
- Application of a co-insurance penalty.
- Cause of loss that is specifically excluded under the Corporation policy.
- Breach of policy condition.
- Inventory - Make a list of what you own in your condo to make an educated decision on what you need for your Condo Insurance protection.
Make sure to ask questions to the Condo Corporation about their coverage so that you make sure you have adequate personal coverage for your Condo!
We urge you to act now! It is not after the fact that an accident occurs that you need to verify if you have the correct Condominium Insurance. The insurance specialists at GoToInsure.ca are here to help you decipher the information.