When you purchase a condo, you likely assume that insurance for the unit is included in the monthly fee you pay to the building. While it is true that each company needs to have insurance on the building, their plan doesn’t include everything, and often won’t cover the contents of your unit. When choosing an insurance policy, make sure you’re getting the proper coverage for your needs.
Things to Include in Your Policy
- Contents: Contents insurance involves everything you own inside of your unit. It covers your items against loss from most common risks, including fire, water, windstorm, and smoke damage. It is a good idea to go through and itemize your belongings at least once a year so you can easily determine what was lost or damaged should anything ever happen.
- Unit Upgrades: Many condominiums allow you to upgrade or alter your unit. However, they do not assume responsibility for insuring the improved item at its new cost. This is known as the “Standard Unit by-law”. For example, let’s say your condo came with laminate countertops and you choose to upgrade them to granite. If anything were to happen that is covered by the condo’s corporate policy such as water damage from the unit above you, they are only required to cover the repair cost of the laminate, as that was what came in a standard unit. Having improvements, upgrades, or betterments insurance will make sure you get full coverage for the value of the damaged items, upgraded or not.
- Living Expenses: If something were to happen that is covered by insurance (such as a fire or flood) that would require repairs to your condo and prevent you from being able to live in it, this part of your policy would cover your living costs. This would include hotel stays, storage fees, and food costs, as deemed necessary and reasonable.
- Liability Coverage: Having liability coverage protects you from any accidental damage you may cause to another person’s property, or injury a person receives while on your property. This includes things such as an electronic appliance starting a fire and damaging both your unit and a neighbouring unit, a leaky pipe dripping through the floor and causing water damage to the condo below yours, or a friend slipping on a freshly cleaned floor and injuring their back.
Protect Your Home at The Davies
Staying proactive ensures you catch any small issues before they become bigger problems requiring more time to repair. Taking the time to check for damage regularly is key. Make it a habit to assess your walls, floors, counters, and other areas of your home to make sure they are in good working order. Inspect the pipes under your sinks for any signs of leaks or water damage often as well.
For more information on this exciting new condominium project in Toronto, contact The Davies at 647-360-9588 to book an appointment. You may also register online for more information, and browse our floor plans to discover which would best suit your household needs.
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