The Importance of Condo Insurance
September 7, 2018
The Importance of Condo Insurance
Protecting your investment with the right kind of insurance is important. Having condo insurance will protect your personal property in the unit as well as anything that isn’t covered by the building’s insurance. It’s important to understand the difference between tenant insurance, building insurance, and landlord insurance. Tenant insurance is purchased by the tenant and insures their personal belongings in the unit. Typically the condo building has insurance that insures the primary building and common areas. Landlord insurance insures your unit and any fixtures or improvements you make to your unit. Improvements can include but limited to hardwood floors, ceramic tiles, carpets, cabinetry, appliances, counters and even a sound system that you may have installed.
Condo insurance may cover:
– fire or natural disaster
– plumbing system
– theft
– shortfalls in your condominium corporation’s policy
– personal liability
– damage caused by a neglectful tenant
As a condo owner you may be personally responsible for any damage caused to another unit by leaking pipes and fires in their unit, the condominium insurance policy may not cover this. Even if the condo’s insurance policy does cover part of the loss, the landlord/owner can be responsible for the deductible. By purchasing the right kind of insurance, you can avoid unwanted surprises in the future.
A condo owner may be personally responsible for any damage caused to another unit by a fire or leaky pipe in their unit, the condominium insurance policy may not cover this. Even if the condo’s insurance policy does cover part of the loss, the landlord/owner can be responsible for the deductible. By purchasing the right kind of insurance, you can avoid unwanted surprises in the future.
Need a peace of mind?
Get the right advice and professional help from the ACCL Property Management team today.
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