How Does Condo Insurance Work?
Condominiums are becoming an increasingly popular alternative to traditional homes, especially in large urban areas where land availability is limited. According to CBC News, “In the first quarter of 2016, there were almost six new condo units under construction across the country for every 1,000 people…” (cbc.ca/news). Condos are a convenient housing option for professionals who work in offices in a city and don’t necessarily have the time or interest to care for their own property. When you own a condo, you can lock the door and head out of town whenever you want to go for a trip. There’s no need to worry about who’s going to cut the grass, who’s going to clear the snow off of the driveway, or who might break into your house while you are away. These benefits are appealing to a lot of people who want a permanent residence but would rather not have the same responsibilities as a homeowner. The best part for many condo residents is that they can sell their unit in the future if they want to. If a condo is located in a highly-sought after neighborhood, the owner has a very good chance of realizing a healthy return on his or her investment.
The steady rise in demand for condos has led to the need for specialized insurance that is designed to provide coverage to condo owners. The unique nature of a condo unit owner’s relationship with the condominium association calls for insurance that understands and parses out the various liability issues that could arise. That’s exactly what condo insurance is for.
How does it work?
Although a condo insurance policy can be built around the specific needs of a condo owner, they are a few key features that are standard in most policies, especially at Cooke Insurance. A typical condo insurance policy will give you coverage in three distinct areas:
- Building Property Protection – This is intended to give you comprehensive coverage for the interior of your unit and any built in features, including walls, cabinets, sound systems and so on.
- Personal Property Coverage – Everyone keeps possessions in their condo, and sometimes they may be expensive items that would be hard to replace. Personal property coverage provides insurance for all of your possessions.
- Personal Liability Coverage – In the event that an accident happens in your unit which then causes damage to the building and surrounding units or injury to another person, the personal liability coverage in your condo insurance policy will compensate for medical bills or the cost of a lawsuit.
Many condo insurance policy owners can also choose to add optional coverage features that meet more specific needs. These range from increased coverage limits to contingency coverage to Directors’ and officers’ coverage for members of the condo association’s board.
Coverage from Cooke Insurance
If you’re looking for comprehensive condo insurance for your unit, Cooke Insurance has all of the solutions that you need. We have years of experience insuring condominium owners across the Maritimes, and we understand what your needs are. Call today to learn more!