Define: Condominium Insurance

Condominium insurance typically covers the interior of the unit, personal property, liability, and loss assessment coverage for common areas.

Yes, while the condo association’s master policy covers the building and common areas, it does not typically cover the interior of your unit or your personal belongings.

The amount of insurance you need will depend on the value of your personal property and the coverage limits of your condo association’s master policy. It’s important to review both policies to determine the appropriate coverage.

Yes, you have the right to choose your own condominium insurance provider. However, it’s important to ensure that your policy meets the requirements set by your condo association.

Loss assessment coverage provides protection for condo owners in the event that the condo association levies a special assessment to cover a loss that exceeds the master policy’s coverage limits.

Yes, you can make changes to your condominium insurance policy, such as adjusting coverage limits or adding endorsements, to better suit your needs.

Personal liability coverage provides protection in the event that you are found legally responsible for causing bodily injury or property damage to others.

Yes, some insurance providers offer discounts for safety features in your unit, such as smoke alarms or security systems, as well as for bundling policies or being a member of certain organisations.

If you need to file a claim, you should contact your insurance provider as soon as possible and provide all necessary documentation to support your claim. It’s also important to follow any specific procedures outlined in your policy.