Insurance

Do’s and Don’ts When Buying Condo Insurance

Thanks to real estate developers like Louie Santaguida, condo living has never been better in Toronto. He was one of the pioneers of green living in the city, including initiating the creation of zero net buildings and sustainable structures in the city.

It’s easier to live in a condominium building in a big city rather than a rural area, especially if it’s in the same area as your workplace. But, just like any place, there are ups and downs to condo living.

Unlike homeowners, those who live in a condo do not actually own the building that they live in. The homeowners association will usually carry a master policy for the building and pay for accidents in the property, which just so happens to include you. But, that does not mean that they will also pay for repairs in your unit or replace your damaged belongings in case of disasters. It’s not going to shoulder the costs if someone meets an accident in your condo. This is why the best thing to prepare for these situations is to get personal condo insurance.

To prepare yourself before buying your condo insurance, we have listed a few things you need to remember:

Do: Expect to pay between $100 and $400 on average per year for condo insurance, depending on the value of your personal property.

Don’t: Buy a condo insurance policy without knowing how much exactly you are going to pay, and what exactly it is going to cover.

Do: Ask your insurance company carefully about the policies available and their respective coverage.

Don’t: Forget to add additional coverage for extra valuable such as gadgets, jewelry, fine art, antiques, and collectibles.

Do: Work with an independent agent. There are several ways to go about buying personal insurance for your condo, but an independent agent is your best bet when it comes to these things. He/she will look at each insurance rate from multiple insurance companies and compare them for you, weighing all the pros and cons.

Don’t: Buy an insurance policy without looking into other insurance companies. Always look into other options first.

Do: Keep a full inventory of all your personal belongings to make sure that they will all be covered in case of theft or damage. It’s better to take a clear photo of each one and estimate their value.

Do: Avoid coverage gaps by understanding the coverage of your policy when it comes to damage from disasters such as hurricanes, tornadoes, and windstorms. Some insurance policies have a “bare walls” policy, which means they don’t cove

Keep in mind the tips we have outlined here so you can buy the right property insurance that can cater to your requirements and budget.