Four Reasons Why You Shouldn’t Forego Personal Condo Insurance
by adminAfter months on the hunt in the Vancouver housing market you have finally signed your mortgage and purchased a condo. Congratulations! You are now a new homeowner and in this beautifully chaotic phase, you may be wondering, do I really need Vancouver condo insurance, on top of all the other necessities like plumbing, electrical, furnishing and condo corporation insurance? Firstly, it is important to note that there is a difference between personal condo insurance and condo corporation insurance. Condo insurance provides protection that goes beyond what you get with your condo corporation’s coverage.
A typical condo corporation’s insurance policy for a condo building only covers the main structure and the common areas, such as the lobby, elevators, and gym, whereas a personal condo insurance policy is designed to fill in the gaps.
Below are four reasons why you shouldn’t forego personal condo insurance:
Reason #1: It Protects Your Belongings
Condo insurance helps to protect you financially against insured damage or loss to furniture, clothing, jewelry, and other personal property inside your condo unit or vehicle.
Reason #2: It Protects Unit Upgrades
Condo Insurance Vancouver helps to protect upgrades and improvements (such as better flooring, high-end light fixtures, or granite countertops) that you or a prior owner have made.
Reason #3: It Protects Unforeseen Living Expenses
In the event that an unforeseen accident occurs, personal condo insurance helps cover expenses such as a hotel room, storage costs, and more if you can’t live in your condo while repairs are being made after an insured loss.
Reason #4: Liability & Shortfalls
Another added benefit of insuring your condo is that helps to protect you financially if you accidentally cause property damage or bodily injury to others, or if there is a shortfall in your condo corporation’s coverage.
Similar Post: Condo Insurance Surrey is Important
Most condominiums legally require you to purchase insurance coverage for your condo. Be sure to read the fine print in your condominium agreement to determine the amount of coverage you need to purchase, as well as any additional specifications.