Condo insurance protects your personal property when renting or leasing a condo.

Protecting your personal property in your condo.

Condo insurance covers your personal belongings inside your unit, including everything from appliances to clothing. Without this coverage, you would be responsible for replacing lost or damaged possessions out-of-pocket.

Policies typically cover damage caused by theft, fire, severe wind, lightning, and frozen pipes. Please note, however, that condo insurance generally does not cover flooding.

Know your liability coverage options when living in a condo.

In addition to property coverage, condo policies typically include liability coverage. For example, if a guest is injured in your condo, this coverage can help pay for their medical expenses. It may also provide protection in the event of a lawsuit if you are found responsible for damages to another unit.

Furthermore, additional living expenses may be covered if damage to your condo renders it unliveable while repairs are being made.

What does condo insurance cover?

Your condo association’s insurance policy typically covers common or shared areas, and while it may cover the basic structure of your unit, it often excludes personal possessions, fixtures, and any improvements you have made.

Your specific policy is designed to address these gaps. It combines elements of landlord and renters insurance, tailored specifically to meet the requirements of your condo unit.

Who is responsible for medical expenses from injuries?

If a guest is injured in your condo, you may be held responsible. It is important to have medical expenses coverage as part of your condo policy so that your insurance can cover their medical costs, up to your selected limit

Are additional living expenses covered?

If your condo insurance policy includes additional living expenses coverage, expenses such as hotel bills, temporary rentals, and meals may be covered while your unit is being rebuilt or repaired.

The benefits of getting coverage for your condo.

Determining the exact coverage you need for a condo unit can be complicated. However, it is important to note that condo insurance is typically very affordable when compared to the potential out-of-pocket costs of replacing your personal belongings.

If you are living in a condo, insurance is essential. Please contact us to review what your condo association’s policy does not cover and discuss how a personal policy can fill those gaps.