Look For This in Your Condo Insurance
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All-Risk Insurance: A blanket policy insuring your condo unit from a host of disasters.
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Content Insurance: This part of your policy covers all the personal property you keep inside your condo.
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Personal Liability: Personal protection from unintended damage to the property of others or causing injury.
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Additional Living Expenses Coverage: In the event of a problem in your condo, whether you’re at fault or not, the Additional Living Expenses portion of your policy will help cover some or all of the cost of staying outside your condo, including renting a hotel room.
Responsibility for you caring for your individual unit and the company managing the building or common grounds that are responsible for the condo as a whole. This is why understanding your condo insurance is so important. The business managing the condo has its own insurance to protect it from damage to common-areas and condo property - but condo owners still need to insure their homes.
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Is condo insurance mandatory? Depending on the condo, home insurance may not be mandatory in Canada, but it is recommended. Without insuring your condominium, you may find yourself responsible for major repairs to your own unit or neighbouring condos. Plus, if you do get homeowners insurance protection for your condo, it will usually include some personal liability, protecting you and your property even when you’re outside in that busy, fast paced world just outside your condo’s windows.
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