বৃহস্পতিবার, ১১ অগাস্ট ২০২২, ০৫:৫৫ অপরাহ্ন

Tenant and Condo Insurance: Everything You Need to Know

সংবাদ দর্পণ ডেস্ক / ৫৬ বার পঠিত
আপডেট : মঙ্গলবার, ২৬ এপ্রিল, ২০২২, ৮:১৩ পূর্বাহ্ণ
Tenant and Condo Insurance: Everything You Need to Know

Are you a condo ্‌owner? In Canada, there are two different insurance policies involved ্‌in condo protection:

Condo insurance for ্‌homeowners covers contents, upgrades, third-party liability, theft, locker contents, additional living ্‌expenses, and special insurance ্‌assessments.

Commercial ্‌condo insurance is purchased by the condo owner; it covers the building’s exterior, roof, infrastructure, and ্‌any common areas (elevators, lobby, halls, etc.)

Which policy ্‌do you need if you rent a condo in Canada? Condo tenant insurance covers your contents (should they be damaged through ্‌fire, theft, etc.), third party liability, and additional living ্‌expenses (the costs of the hotel room or rental unit you would need to stay in if the condo unit you ্‌were renting became ্‌unliveable (due to fire, flooding, etc.).

The overview ্‌below will help you understand what each insurance policy covers: individual condo insurance (shown in RED) and commercial ্‌condo insurance of your condominium ্‌corporation (shown in BLUE)

Here is an overview ্‌of elements covered by a typical condo insurance policy:

Condo unit ্‌upgrades, e.g. hardwood floors, new cabinets, etc.
Condo contents, e.g. any of your personal items, such ্‌as electronics, clothes, etc.

Third-party ্‌liability, e.g. if you flood your neighbours beneath you.
Theft from your condo unit, e.g. after a break-in ্‌Your locker’s content, e.g. any items you stored there that ্‌have been stolen.

Special insurance ্‌assessments, e.g. passed to you by your condo corporation if their policy did not have enough ্‌coverage.

Do you know how to ্‌save on condo insurance? Get a quote—it only takes 5 minutes.


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