Buying a new home might be the biggest purchase you’ll ever make, and for those who choose to purchase a new condominium or a townhome, you’ll need insurance that covers personal property and liability so that your investment is protected.

Although the strata corporation for your new home will have insurance (and you share this insurance with the other homeowners in building), it only covers items that are part of the building itself, like common areas, parking garages, gyms, swimming pools and the like. What about your personal belongings, or if you cause damage to your neighbour’s property or if someone is injured while visiting your home? These things are not covered by the strata corporation’s insurance — it is your responsibility to make sure you are covered by your own personal condo insurance policy.

What’s covered with condo insurance?
Many essential items are covered when you purchase condo insurance, such as unit improvements and upgrades, personal property inside your home and storage locker, third-party liability, and additional living expenses during a repair period if your condo is unfit to live in.

Unit Improvements and Upgrades
This portion of your insurance will cover you if something goes awry while improving your unit or performing minor alterations to your home, like adding millwork, or painting the walls to personalize your new space.

Personal Property
The contents inside your home must be insured under your personal insurance. Your personal items will be protected against water damage and other types of loss, like theft. Items could include electronics, clothing, household goods, paintings, and furniture.

Third-Party Liability
If you forget to turn off the faucet in your kitchen sink, and it causes water damage to a neighbour’s unit below you, they have the option of suing you for damages. This part of your coverage will protect you from that, as well liability against a visitor being injured while inside your home.

Additional Living Expenses
Imagine if your home suffered damage so bad that you weren’t allowed inside, let alone allowed to live in it? The out-of-pocket expenses for temporary accommodations could be immense! This portion of the condo insurance could cover your hotel costs and living expenses.

As you can see, your own condo insurance covers a wide range of items that are crucial to your personal liability, and for the liability of your new home. Speak to your neighbourhood property insurance for the right coverage that will protect your assets and give you peace-of-mind for your new home.

Insuring Your New Condo by MAC Marketing Solutions