Condo Insurance

What does condo insurance cover?

A condominium insurance policy will typically provide coverage against loss or damage to your personal property due to the following causes:

Theft or vandalism
Fire or lightning
Windstorm or hail
Theft
Water escape
Smoke
Breakage of glass
Flood and earthquake damage is not typically covered under basic insurance coverage. You will likely require special insurance coverage, if offered by the insurance provider.

Optional coverage for a condominium insurance policy may include:

Improvements and betterments – building additions and alterations, installations or additions
Loss of use – substitute place to stay if severe damage to your unit
Loss assessment – major injury on common property or major damage to commonly-owned buildings and these are not fully covered by condo building’s insurance policy
Personal liability – protects you from others making a claim against you for bodily injury or property damage
Be sure to do research and shop around for condo insurance rates to find the policy that is right for you.

Are home insurance and condo insurance mandatory in Canada?

When you buy a home in Canada, you are required to have home insurance in order to secure your mortgage. It covers the cost of damage to your home as well as your possessions from fire, theft or loss. And if you live in a condo you also must insure your property.

https://www.insurancehotline.com/condo-insurance-home-insurance-%E2%80%93-different/