Condo Insurance in the Maritimes
Condo insurance is designed to financially protect you in the event of damages to you and your property, or someone else and their property, while in your condo. This coverage typically focuses on protecting the owner’s health, personal property and other items that are harder to pin down, like ‘Unit Improvements’.
Condo Liability Coverage
It’s a cliche to say accidents happen, but it’s genius to have prepared for them ahead of time with the proper amount of liability protection. This coverage will protect you if you or any other named insured are found legally responsible for any injury or property damage on or away from your property.
Property Protection
You will be responsible for the interior of your unit. This will include cabinets, appliances, and light fixtures—everything inside your home.
In some cases, your total property limit may be enough to adequately insure what you own. However, if you have possessions in other property categories, your coverage may be limited. Be sure to check the coverage limits on money, business property, computers, watercraft, jewelry and firearms. Many condo minimum property insurance limits are $25,000.
Guest Medical Protection
It doesn’t matter whether or not you’re held responsible for an accident that occurs in your home. This coverage will provide payments for reasonable medical expenses for the injured party up to the policy limit no matter who caused the accident.
Additional Living Expenses
If a covered loss (fire, lightning, smoke, etc.) causes you to have to vacate your condo because it’s uninhabitable, this will cover expenses associated with living elsewhere. For example, it will pay your hotel bill, food and other reasonable charges.
Loss Assessment Coverage
You are paying a monthly assessment to live in your condominium community. If your association decides to assess a special levy because of certain losses to your condo complex, this coverage will pay your portion up to the coverage limit (usually $1000).