our investment property may be your biggest investment, isn’t it worth protecting it with the right kind of insurance? Condo insurance protects your personally property in the unit and includes anything that the building insurance doesn’t cover. It’s important to understand the difference between building insurance, tenant insurance and landlord insurance. The condo building has insurance that typically insures the primary building and common areas. Tenant insurance is purchased by the tenant and insures their personal belongings in the unit. 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 installed.
Condo insurance may cover:
– fire or natural disaster
– plumbing system
– shortfalls in your condominium corporation’s policy
– personal liability
– damage caused by a neglectful tenant
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. Contact your insurance broker or even bank to get a quote, in most cases monthly payments are $25 a month — isn’t it worth $25 a month for peace of mind?