Have you recently decided to get one of those Toronto condos for sale? Well, that’s great news! But, there’s only one complication at hand, understanding your condo insurance needs. Are you unable to comprehend if the Condo Corporation is responsible for your needs? What if you’re a tenant?
How confident are you regarding the ins and outs of renter insurance? Well, if such questions are pestering your mind, no worries! This blog will answer what condo insurances cover for homeowners and tenants to help you make the best purchase.
If you’re considering buying one of the Toronto condos for sale, your home insurance will cover your contents. Let’s assume a neighbor left a tap on and your flooring was damaged, then your condo insurance will cover this. Additionally, break in thefts etc. are all covered under condo insurances.
- Condo Assessments
Let’s assume that your condo corporation unit did not have adequate funds to repair your home that was affected by a natural calamity like the storm. In such cases, your corporation might pass some of the repair costs to the associated condo unit. These costs are called condo assessments and fall under condo insurances.
- Living Expenses
Let’s take an instance one of those the Toronto condos for sale were affected by the fire and are completely damaged. Then the insurance company associated with the condo will pay for the owner’s hotel accommodations, till the condo is repaired.
So, in other words, if your condo is damaged due to natural calamity, your insurance company pays your hotel bills.
Your locker will also be protected under your condo insurance. So, say you’ve purchased any of those Toronto condos for sale and installed a locker. In case of theft or fire, consider the locker contents protected.
Moving on, now that you know what condo insurances for owners cover, let’s go the next point:
If you’re a tenant considering leasing one of those condos, then your insurance company will protect your belongings. From your clothes, electronic appliances, household appliances etc. your company will ensure full coverage in case of break-ins and natural calamities.
- Living Expenses
Assuming that your rented condo was destroyed by a house fire, or environmental forest fires or storms, then your insurance company will make sure they pay your living expenses at a motel or elsewhere.
Often renting out condos put you at the risk of suing. You might have smoked in bed and left candles about carelessly leading to house fires. In such cases, your condo insurance protects you from being sued.
Well, now that you know all about the condo insurances, just pick a legitimized insurance company to suit one of those Toronto condos for sale. Remember, it’s best to stay insured as these will undoubtedly protect you in times of need.
Note: To get the best insurance company, search online and look for secure insurance policies offered in the Canadian Market. Good Luck!