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Congratulations! You just bought a condo or maybe a townhouse.
Do you know what type of insurance you require?
There is Important information you need to review and consider about condo or townhouse insurance.
The Strata has insurance for the building only, this does NOT cover you personally.
You need your own insurance to help cover your exposures.
This includes coverages such as:
- Personal property
- Additional Living expenses
- Betterments and improvements
- Strata condominium deductible
Let’s talk about one of the bigger exposures, Strata Water deductibles
An example of this. is if your dishwasher line breaks, while you are out, and causes water damage to other units. Your strata may assess you, the full strata’s water deductible, as the source unit for the water damage to the building. You would have to pay the strata’s water deductible. This could be $25,000, $50,000 or higher.
You don’t want to pay for this out of your pocket. Your personal insurance policy can take care of this.
It would pay for the repairs to your unit and pay the strata’s deductible on your behalf.
To learn more about condo insurance and your exposure living in a strata complex, with regards to insurance.
Give us a call. We will walk you through the process.
Let’s get you the correct coverage for you in your new home.