Do you own a condo unit? If the answer is YES, here you can take the first steps towards condo insurance! Let’s understand how it works. Now, let’s see together what are the coverage of condo insurance and its price!
1) What Does Condo Insurance Cover?
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All-Risk
What about the contents in your unit? They’re covered! Even along with improvements and betterments made to your unit from losses due to the widest range of perils!
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Contents Insurance
Are you at home or out and about? No problem! Contents Insurance covers your belongings such as clothing, appliances and furniture as well as items stored.
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Personal Liability insurance
Did you forget the bathtub opened and damaged your neighbor’s apartment? Are you having a party at home and someone slips?
This coverage protects you when you unintentionally damage someone’s property or injure someone.
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Replacement Cost Coverage
What does this mean? That the contents of your condo are insured for the amount it costs to replace them without depreciation.
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Additional Living Expenses Coverage
And what happens in case of an insured loss? This coverage helps you pay for the normal cost of living such as hotel and food costs when you’re forced to leave your condo for a while.
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Improvements and Betterment’s Protection
This protection covers you for any upgrades you’ve put into your condo.
Did you have a carpet valued at $6,000 and you upgrade it to a high quality carpet valued at $9000?
You’ll receive the full value of the new carpet in the event of a loss.
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Loss Assessment
Loss Assessment coverage is VERY important!
In fact, you share responsibility with other condo owners for common property.
With this protection, if there is a special assessment for your condominium building, your policy will pay your portion up to a stipulated limit!
2) What determines the premium?
There are lots of determining factors of your insurance premium. One of the most important is the location of where you reside.
Other factors could be the age of the condominium building, the value of your belongings and any past claims. The price also varies according on the coverage you chose for your condo insurance.
An average personal condo insurance policy in Canada costs between $27 and $33 per month!