Condo Insurance

 1.  Loss Assessment Coverage

You are paying a monthly assessment to live in your condominium community. If your association decides to assess a special levy because of certain losses to your condo complex, this coverage will pay your portion up to the coverage limit.

2.  Additional Living Expenses

If a covered loss (fire, lightning, smoke etc.) causes you to have to vacate your condo because it's uninhabitable, this will cover expenses associated with living elsewhere. ie: it will pay your hotel bill, food and other reasonable charges.

3.  Condo Liability Coverage

It's a cliche to say accidents happen, but it's genius to have prepared for them ahead of time with the proper amount of liability protection. The coverage will protect you if you or any other named insured are found legally responsible for any injury or property damage on or away from your property.

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Are you aware of your current condominium by-laws?

There are many different types of condominium corporation by-laws and property definitions. In order to be sure you are insured adequately, it is critical that a review be made of your current by-laws.

A condominium policy provides more than just coverage for your personal contents.

For example, with regards to your improvements and betterments coverage, you may be responsible for everything within your unit from the drywall in, including windows, doors, wall coverings, floor coverings, etc.

There are extensions for things such as improvements and betterments, loss assessments, unit contingency, etc. There are specific coverage limits for these items based on your existing contents limit. These amounts are listed on your policy declaration page.