Everything You Need to Know About Condo Insurance

You may think that just because you live in a condo there is no need to worry about the equivalent of homeowner’s insurance. Think again. Condo insurance is one of the most important things you can buy for your condo. It protects you against a plethora of accidents and unthinkable events no one can hope to plan for until they happen. Waterview Condominiums wants to be perfectly clear: accidents do happen – and they will happen to you! No one can possibly prepare for what lies ahead unless you have condo insurance. If you are serious about looking at condos for sale in Ontario, make condo insurance your top priority the moment you close on your condo!

Protect your investment based on the unit’s original condition

In the event that the unthinkable happens, the original condition of the interior like cabinets, flooring, etc. is protected and insured. What does this mean for you as you look for condos for sale in Ontario? Let’s say the floor of your condo is flooded and your unit is drenched in water. With everything ruined inside the condo, it naturally needs to be replaced. But what will the quality of that replacement look like? With condo insurance, you can be assured that if something like this ever happens the interior of your unit will be replaced just like it was before the incident.

When insurance works best, it makes it seem as if the accident never happened. Good condo insurance does this. This alone makes it more than worth the cost every month!

Insurance for special assessments

One of the worst things a condo owner can hear are the words, ‘special assessment.’ A special assessment can occur for many reasons, but it can often be a red flag that the condo’s finances haven’t been managed as well as they should be. Special assessments can wipe out a family’s entire savings in one fell swoop. It’s unfortunate and unfair, but it doesn’t have to be the case. Keep this in mind as you search for condos for sale in Ontario!

Good condo insurance also provides something called loss assessment coverage. If your policy has limits on protecting you against a special assessment, be sure you know what those limits are before choosing this insurance provider. You may not think a special assessment is anything to worry about until the day comes that you actually have to have one. Even though it can be financially hard on you, loss assessment coverage can fill in the cracks so you don’t feel the punch too hard.

It protects against theft

Although it is highly unlikely that you will become the victim of theft living in one of the condos for sale in Ontario. Crazy things happen all the time, and it’s not out of the realm of possibility that your unit is robbed sometime. If this happens, your condo insurance’s personal policy will reimburse you for the theft so you can replace the items (or at least be reimbursed monetarily if

certain items were irreplaceable). A low risk does not mean that this will never happen to you, though. Plan ahead accordingly by ensuring your personal policy protects against thefts as well.

Third-party liability protection

If someone comes over to your unit and accidentally hurts themselves, there is a good chance that they can actually sue you for damages. Even though it wasn’t your fault, with the accident happening on your property it becomes your responsibility. The same applies if you accidentally leave your bathroom sink on overnight and it causes water damage to a neighbour’s roof. Being sued is one of the most stressful things you can go through: protect yourself with third-party liability protection!

A good policy with sound third-party liability protection will protect you up to a few million dollars. It may sound unnecessary, but when you figure in that severe damages to a unit can costs tens upon tens of thousands of dollars it becomes obvious that you need to protect yourself in the event that you are looking at a high-dollar lawsuit. Don’t risk it: get good protection!

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