Ottawa Condo Insurance
A condominium is a dwelling within a group of housing units where each homeowner owns their individual space, and all the residents share ownership of common areas.
Usually the condominium association is responsible for maintenance for the exterior, while the interior is the responsibility of the unit owner. It is important to know what the “standard unit” consists of when purchasing insurance.
What Is Condo Insurance?
A condominium insurance policy is a unique product offering features such as betterments and improvements, unit contingent coverage, and loss assessment. You determine the value of your personal belongings as well as any betterments and improvements.
Condo Insurance Coverage Options
When purchasing condominium insurance, a comprehensive policy is your best choice. This option provides all risk coverage with minimal exclusions. It is also very important to insure your betterments and improvements which are any “upgrades or additions” to the standard unit as you are responsible for these in the event of a loss. All policies will include loss assessment, contingent coverage and Personal Liability.
Unit improvements and betterments cover any upgrades done, or additions you or the previous owner have invested into the standard condominium unit.
Loss Assessment covers up to 250 percent of your contents’ coverage insured for a direct loss to the collectively owned condominium property caused by a peril not otherwise excluded.
Contingent coverage covers up to 250 percent of your contents’ coverage insured if the condominium corporation has no insurance or inadequate insurance coverage.