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Buying Home Insurance For Your Condo

Buying Home Insurance For Your Condo

As a homeowner, obtaining a good home insurance policy that protects your

home and family is one of the essential costs related to purchasing a home.

But if you own a condo there may be some additional considerations in

selecting a home insurance policy that is right for you. Here is a breakdown

of the kind of coverage you need as a condo owner, and some tips on finding

the right policy.


Ownership Issues

Since the actual property ownership of condos includes both private and

shared property, condo insurance must cover both. In the case of shared

property, the major concern is liability insurance that will cover any damage

that may be caused by your negligence or an accident that would damage

shared property or the property of another condo owner.


Condo Association Coverage

Another issue to consider is whether your Condo Association has blanket

coverage that will protect you from damages that may be caused by other

condo owners who do not have liability insurance, or have limited coverage.

Since condo owners pay fees that include a number of shared costs, such as

property maintenance and some utilities, insurance should be offered by your

Condo Association to protect you in these cases. If yours does not, you may

want to check out ways to include it. In most cases this type of shared

coverage will cost each owner less than individual liability insurance and will

keep all condo owners protected.


Content Coverage

Living in a gated community or secured building, as most condo complexes

are, may give you a false sense of security. If your condo insurance does not

cover your unit’s contents from theft and other damage you could be leaving

a huge gap in your coverage. Also, if you own valuable items such as

jewellery or antiques your content coverage may not protect the full value of

these items and a rider may be necessary.

A qualified insurance agent can give you all the information you’ll need to

keep your condo protected, and keep you protected from liability.


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