Condo Insurance & Building Insurance

Every condo building is required to have their own master insurance policy in place.  This building insurance is included in the maintenance fees of most buildings, and covers the physical building and all common areas.

What many are not aware of is they the master instance policy does not cover their own personal contents and liability.  Every unit owner is required to do their own research and seek out a company that best suits their needs.

Not only do you need to make sure to have coverage on your own personal contents and personal liability, but you need to make sure the policy covers loss, unit and deductible assessments.  It is also very important to find out what is included in the betterments and improvements section.  The master policy will only cover the unit in its original builder form.  Meaning, if there has been any upgrades to your unit since it was built (by you or a previous owner), those improvements will not be covered.  You need to speak to your insurance company to see what exactly is covered as your policy might cost more if you want such upgrades to be covered.

Lastly, you need to make sure you are covered if there is a claim and you need to have temporary housing.  This is most helpful as it will save you from crashing on a friends sofa.

It is very important to read over the master policy before getting your own in place to make sure you are more than covered.  If you are interested in speaking to a professional insurance broker, I would be more than happy to refer you to my contact.