Condominium Owner Insurance
Outside of Condominium building insurance is provided by the Condominium Corporation Insurance Policy. You as an owner of the unit in the building are responsible for inside improvements and your personal contents of your unit.
Condominium Owner Insurance provides insurance for:
- Personal Contents: You are insured for your personal property which you use for day to day living and your personal furniture and finishing up to the limit of policy you purchased.
Example: If your policy limit is $100,000. You will be paid maximum $100,000 in the event of total loss.
- Improvements or Betterment: you are allowed to make improvements in the unit you own. You may have expensive carpet, special lighting fixtures, nice wall paper etc. Condominium Owner Insurance policy protects the improvements you have made against the losses you are insured for.
- Additional Living Expenses: Condominium Insurance will pay the additional cost to relocate, transportation, and other necessary expenses incurred by you to maintain your life style at the time when your unit is damaged and is under repair. In most policies this amount for additional living expense is 20% of the contents value.
- Loss Assessment (Contingent Coverage): Common area of condominium building is shared by all Condominium unit owners and is insured by the Master Policy of Condominium Corporation. Condominium Building Insurance sometimes may not have proper amount of coverage. You may be required to share the loss with other unit owners in the event of shortfall in Corporation Insurance.Insurance company will pay this amount on your behalf if the loss is covered in your personal condominium insurance policy. Some insurance companies will also pay for your portion of deductible.
- Personal Liability: This is the part of the policy you look to for protection if you are sued.
Example: If visitor at your place gets hurt and he claims that your carpet was ripped which caused trip and fall- caused bodily injury. He can bring law suit against you for compensatory damages. Liability insurance will pay him compensatory damage for your unintentional negligence.
Liability insurance will also pay for defense cost.
THIS IS GENRAL OUTLINE OF THE CONDOMINIUM INSURANCE. YOU MUST CHECK YOUR INSURANCE CONTRACT FOR DETAIL.
CONTACT AT (905) 568-1676 FOR FREE REVIEW OF THE INSURANCE CONTACT.