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UNDERSTANDING YOUR CONDO INSURANCE OPTIONS

Our Latest Book

Conditions
This is a very important part of your policy. It sets out the mutual rights and obligations of the insurer and the insured. This section governs how and when a policy may be cancelled, as well as your obligations after a loss has occurred.

Purchasing adequate amounts of insurance
Purchasing adequate amounts of insurance that reflect the full replacement value of everything you own is without a doubt the single most important thing you can do to protect yourself. The risk is that insurance companies will not pay more than the amounts of insurance you have purchased. So it is up to you to make sure the coverage is adequate and realistic. Review it annually.

The condo corporation will have insurance to cover the whole condo development from a fire up to a certain amount. Obtain a copy of the insurance coverage and review the maximum amount. Your own home insurance will cover any damages to your internal unit. However, you want to obtain insurance coverage on your own condo insurance policy that will cover any shortfall under the condo corporation insurance coverage, in the event of catastrophic damage to the condo development by fire, etc. Speak to a professional insurance broker. Make you obtain a minimum of three competitive insurance quotes to make sure you are getting the coverage you need and want, and at a fair premium.

If you put an addition onto the condo or carry out major renovations, with the prior approval of the condo corporation in writing, you should recalculate the replacement value, as your current amount of insurance doesn’t take this into consideration. Notify your insurance company representative. The Inflation Allowance feature of your policy does protect you against normal inflation, but is not sufficient to cover major changes.

Contents coverage
If you are using the home personally, the following discussion relates to personal use. Your policy provides coverage for your contents. You should make sure that this amount is enough to replace all your possessions at today’s prices. If the home is rented to a tenant, they are responsible to obtain tenants insurance. You should make that a condition of any rental agreement.

If you have a claim, the insurance company will ask you to compile a complete list of everything that you have lost. Ideally, you should maintain an inventory of everything, furniture, appliances, clothes and other possessions. Estimating what it would cost you to replace them is a good way to check if your amount of insurance is enough.

At the very least you should keep the receipts for all major purchases in a safe place. Another good idea is to take pictures of your contents, or make a video of everything by walking from room to room. In addition, most insurance companies will provide you with a checklist, so you can compile a list of your contents. This may seem like a chore right now, but it can really save time and aggravation if you do have a claim.

At the very least you should keep the receipts for all major purchases in a safe place. Another good idea is to take pictures of your contents, or make a video of everything by walking from room to room. In addition, most insurance companies will provide you with a checklist, so you can compile a list of your contents. This may seem like a chore right now, but it can really save time and aggravation if you do have a claim.

As you could lose your inventory or photographic evidence in a major loss, you should store your records away from your home. The best place is a safety deposit box. Whatever method you use, remember that you should update it periodically, ideally annually, to make sure that it remains accurate.

MORE HELPFUL INFO FOR YOUR RESEARCH !

To help your research and save you time and hassle, check out our free checklists and forms on our "Worksheet" section, as well as the stats, surveys, and reports, useful links, etc, on our "Helpful Info" section, both shown on the index on your left.

Copyright © 2019 , Douglas Gray, LL.B. All rights reserved. Any reproduction of the material contained in this website is strictly prohibited. E&OE (Errors and Omissions Excepted). Please refer to Copyright and Disclaimer at bottom of website page. Refer to Books section for related information.

 

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