Condominium insurance protects your personal property, while the condo building's insurance covers the building as a whole. It also protects you from claims against you by people who are injured in your unit.
To determine what coverage is best for you, find out how much liability you might have for an accident that occurs in your unit or in the common areas. This will allow you to determine how much liability protection you need.
Let's go over the essential things you need to know before availing of condo insurance.
How Much Does It Cost?
There are a lot of condo insurance providers to choose from. Talk to your insurance agent to get an accurate quote and some sound advice on the best condo insurance policy. This way, you can select the best policy and know the exact premium.
The premium is based on various factors, such as the unit's location, the building's age and materials used, and more.
Condo Insurance Coverage
Condo insurance is just like home insurance, with some additional protection. Here are examples of some of the things your condo insurance covers:
1. Property Theft
A lot of people confuse condo insurance as only providing home insurance. While it is true that condo insurance covers your personal belongings, it is not just limited to home insurance.
Condo insurance offers expanded coverage that would cover your personal belongings should they get stolen.
2. Identity Theft
Condo insurance also covers identity theft, which is different from property theft. Identity theft happens when your personal information, such as bank information, support security details and even your name gets used in fraudulence.
Condo insurance protects you and your family from identity thefts.
3. Condo Improvements
Do you want to add a feature to your condo unit? Condo insurance can help. You can increase your improvements and betterments coverage to ensure they are adequately covered. You can also ask your condo insurance provider to add some of your personal property as part of your unit.
4. Personal Liability
Condo insurance protects you from claims made by other condos or condo owners if something happens on your property. It protects you from liability claims if you have accidents that affect the other condo owners.
5. Fire Damages
Condo insurance also covers your condo unit if it gets damaged or lost due to fire. It covers any damages caused by fire and other natural disasters that could have occurred in your unit.
Condo Insurance vs. Home Insurance
While largely similar, condo insurance and home insurance vary in terms of coverage. For instance, condo insurance is a bit less expensive than home insurance as condos are less likely to experience theft and damages caused by fire.
Conclusion
Condo insurance is a great option for condo owners. It gives you peace of mind as you are well protected from various damages, thefts and liability claims.
To learn more about condo insurance, talk to a reliable condo insurance provider in your area. Cooke Insurance is an insurance company in Saskatoon that will help you get the right insurance for your condo. Contact us today to learn more.