With many new condominiums available for sale in Toronto, buying a condo can be an excellent investment. They are more affordable, convenient, and offer beautiful views within proximity to a variety of amenities. When you own a unit for personal living, it is essential to understand the associated risks and learn about the ways in which you can protect yourself by insuring your property.
Risks Involved in Owning a Condo for Personal Use
- Unit Improvements
It helps to understand that not all improvements or upgrades you have made to the condo are covered in case of an emergency. Also, they are not always included in the condo corporation’s insurance. Thus, be sure to ask your insurance provider about the coverage for any renovation or upgrades.
- Older Condos
Construction rules, regulations, and codes keep evolving. Thus, older condos are less likely to have been built to the same criteria and standards as those constructed today. It helps to ensure that your condominium is according to the current code, particularly if you are buying an older unit.
- Condominium and Corporation Risks
It helps to know how the condo board deals with the building maintenance. Ask the following questions before buying a new condominium. They can help you determine the risk of buying:
- What does the monthly maintenance include?
- Does the board take care of any issues as and when they arise?
- What general maintenance tasks or property improvements have the condo board approved?
- Assessment for Share of Property Deductible
If your building gets damaged and the condo corporation files for a claim, it may assess and allocate a portion of the deductible to each unit owner. Make sure you have the appropriate home insurance coverage, otherwise you may end up paying this out of your pocket.
Things Your Home Insurance Policy Should Cover
When looking at the available options for luxury condominiums for sale, it helps to get insurance coverage that can protect all your belongings as well, in addition to insuring the unit.
In addition to protecting the basic items and obtaining liability coverage, it also helps to look at other coverage options. They can help protect you, your condo, and your finances. It helps to have knowledge about the structure of your unit and what coverage the condo insurance has to ensure that you are adequately protected.
Explore Our New Condominiums for Sale in Toronto
At The Davies, we offer condos that are a perfect blend of elegance and sophistication. They are designed to provide maximum comfort and present an unparalleled level of luxury along with all the essential amenities. Characterized by artful designs and unique architecture, they are positioned to capture beautiful views. They come with excellent facilities such as a sophisticated lobby, landscaped grounds, rooftop lounge, guest suites, 24/7 concierge services, and more.