6 condo insurance facts

It’s not always easy to understand how insurance works when you’re in a condo. How can you ensure you have enough coverage? What is covered under the different types of insurance?

Here’s some information taken from the free ebook published by La Capitale to help you sort it all out!

2 types of insurance coverage are required for a condo

To cover all the bases:

  1. Condo owners much each obtain condo insurance for their unit.
  2. The condominium syndicate (or board) must obtain insurance for the building.

Home insurance for condominium owners protects your property and the money invested in your condo.

Discuss all your needs with your insurance agent. He or she will advise you on the level of coverage that will best meet your needs, based on the coverages available. It might also be worth your while to shop around for condo insurance, since the types of coverage included vary from one insurer to another.

Condo insurance, which is mandatory, covers damage to your building in the event of a loss.

The amount of building insurance coverage should be equivalent to the cost of reconstruction of the building (replacement value).

 

What each type of insurance covers:

 

Home insurance for condominium owners

Building insurance

  • Condominium owner’s civil liability (in the event of injury or damage to someone else’s property, for which the condominium owner would be held liable)
  • Condominium owner’s property damage (e.g. personal property, furniture)
  • Damage to improvements made to the unit
    (e.g.: You have renovated the kitchen by installing more costly and higher quality cabinets. If they were damaged by a covered loss, your home insurance will compensate you based on the difference in value between the old and new cabinets)
  • If the clause is included in your contract:
    Damage to the elements which should have been covered by the condominium building insurance in the event of inadequacy or absence of that insurance
  • Damage to the building, including all floors and external walls, as well as common areas of the building (e.g.: hallways, roof, exterior siding)
  • Damage to the original fixtures of each condo unit (e.g.: bathtubs, islands, kitchen cabinets)
  • Damage to the common areas in the condominium
  • Syndicate’s and directors’ civil liability

 

 

 

 

 

Are you renting your condo? Get your home insurance for condominium owners adjusted!

You must notify your insurance agent if you are renting out your condo to someone else. Since you are not the occupant of the residence, your agent must adjust your coverages accordingly, to ensure they remain valid!

Take advantage of the new partnership with La Capitale!

If you’re a DuProprio client, ask La Capitale General Insurance for a quote. You’ll receive an additional 5% discount and savings of up to $360 by bundling your home, auto and leisure vehicle insurance.

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