Tailor-made, condo insurance in Toronto depends on individual’s needs and requirements. Everyone in Toronto, at one time or the other, desires to have his/her own condo. With several condominium houses up for grabs, it is equally important to know about the condo insurance in Toronto in order to be able to make the right choice, at the right price.
Designed to cover personal property, condo insurance in Toronto covers not only your personal property but also takes into consideration the unit itself. Below mentioned are some of the clauses that form a part of condo insurance in Toronto. These are:
Risk – Covering parts of the unit, condo insurance in Toronto Condo insurance in Toronto takes into consideration all the extensions and improvements done to the unit from losses due to the extensive risks, only if mentioned In the policy and not otherwise.
Contents Insurance – Account holder’s belongings are also covered under condo insurance. In case of a mishap, condo insurance replaces the value of total assets that are insured under the policy.
Personal Liability – In case of accidental injury caused to someone, the condo insurance pays for the same.
Other Living Expenses –Policy holders of condo insurance are able to pay for equitable and essential expenses, such as hotel, accommodation, and food cost. This is applicable when the policy holder has to leave the apartment because of a mishap in the condominium.
Loss Assessment – – Condo insurance in Toronto takes in to account the damages caused to the main buildingbecause of a threat.
When investing in condo insurance, it is important to do a detailed research regarding the condo association’s shared insurance policy covers. If you are apartment owner then you also own the individual unit along with collective ownership of the rest of the apartment building. From an insurance’s point of view, it means thatyou have a shared accountability for covering the common areas of the building. This fee is usually included in the condo fee and therefore it is very important to know which all parts are covered through dues association.