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Why is Condominium Unit Owner Insurance so important?

By Josina Myrie  •  My Insurance Broker
July 25, 2017  •  2 minute read

As a condominium unit owner, in addition to the ownership of your unit, you will have “shared interest and responsibility” in the common elements of the building, such as the parking area, lobby, walkways, swimming pool, and other recreational areas. While the Condominium Corporation’s insurance covers the building and common property, it does not cover your personal belongings. It is your responsibility as a condominium unit owner to insure the contents of your unit. Your Condominium Insurance would provide coverage for your dwelling and personal content, personal liability and upgrades to your unit.

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What does my Condominium Unit Owner’s Insurance cover?

Your Unit and Personal Property

Your insurance policy covers your unit and personal items such as clothing, appliances and furniture on your property, as well as those stored in your locker. In the event of an insured loss, your policy would help to replace these items. Insurance coverage for your unit can be purchased for a specified amount if unavailable through your Condominium Corporation, or it is insufficient or ineffective. Your insurance policy would also cover your building fixtures and fittings, as well as your permanently installed outdoor equipment located anywhere on the property.

Personal Liability Charges

Your Condominium Unit Owner’s Insurance covers unintentional bodily injury or property damage caused to others while on your premises. If one of your guests were to slip and fall while on your property, or there were a fire in your unit which spread to an adjacent apartment, then you could be held liable for damages caused. Your Condominium Unit Owner’s Insurance would also cover additional living expenses in the event of an insured loss, while your unit is being repaired.

Loss Assessment

If the Condominium Corporation’s coverage is inadequate to cover an insured loss to collectively owned property, the unit owners may be required to cover the shortfall. A specified limit of insurance is provided to cover this deficit.

Upgrades To Your Unit

Upgrades to your condominium will improve its value. Your condominium unit owner’s insurance would cover any improvements or betterments made to your apartment such as flooring and custom counters, among others. Your policy would cover improvements made by you as well as previous owners.

Contact a My Insurance Broker Adviser today to obtain the coverage you need at the best price possible!

With Condominium Unit Owner’s Insurance, not only will you have the peace of mind and assurance of knowing that your unit and personal contents will be covered in the event of an insured loss, but you have the guarantee that your personal investments will be protected. My Insurance Broker commits to providing you with superior customer service and we are dedicated to helping, serving and educating our clients.

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