Why You Need Homeowners Insurance?

Why You Need Homeowners Insurance

One question we hear surprisingly often is "Do I need homeowners insurance for my new condominium?" The short answer is yes. Hi, I'm Andrea and welcome to https://www.ukagileawards2013.com. I'm here to help you understand and clear up some of the myths surrounding condos and homeowners insurance.

Let's start with if you really do need insurance. While it's not a legal requirement of the condominium act to purchase homeowners insurance, most financial institutions do make it a condition of the mortgage. Many Condominium Corporation Declarations also make it a requirement to have. And since condominium corporations do have their own insurance, i'ts a common misunderstanding that you're covered under theirs, as well.

Well yes and no, and only to a certain extent. Your Condominium Corporation insurance covers the common elements of your community; spaces such as your Lobby, your Amenities, your Underground Parking and even some unseen common elements, such as mechanical and electrical systems.

It also covers the Corporation's liability in case personal injuries anyone has suffered while on the condominium property itself, such as slipping on the ice in the winter. So while that type of coverage does protect your investment in the community, it's also important to understand what it does not cover.

First, there's your belongings - your furniture, your photos, likely on a computer external hard drive, your clothing - are not covered. It's important to know that most Condominium Corporation also don't cover betterments or upgrades to your suite and are restricted to what's called the standard unit, which is described in your Condominium Documents.

That often includes things such as walls, ceilings and original cabinetry, with countertops and flooring typically excluded. And speaking of flooring, that leads me to consider the worst-case scenario; damages done by others or their property.

For example: You're having a busy day and it's the weekend and you've got errands to do. So you leave a load of laundry on while you go to grab some groceries, only to come home and find out that not have you had a flood in your suite, but also the suite below you.

You're also responsible for any damages done to the Condominium Corporation common elements, such as adjacent hallways or walls. There are other considerations to think of as well, such as your

Corporation's insurance deductible and whether that extends to cover items that are within your own locker. All legitimate concerns but easier to understand once you know the facts. Start by requesting a breakdown or a copy of your Corporation's insurance policy.

That will give you a much better idea of where to start with your own. Thanks for reading

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