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Insurance is an essential part of condo life – It keeps you and your neighbours taken care of in the event of an accident.
Condos are cohabited living spaces, which means that residents can be particularly vulnerable to a variety of mishaps, especially water leaks.
These can be costly and stressful, which is why most properties and residents are protected with insurance plans to fit their individual needs.
It is really important that each resident is well informed about their insurance policy, to make sure they have adequate coverage, since misunderstandings can be expensive!
"Insurance is the embodiment of preparedness, offering a safety net when life takes an unexpected turn."
THINGS TO KNOW:
● Insure your deductible. Condo corporation’s deductible can be high. Consider getting extra insurance on it in case you’re ever liable.
Knowing your responsibilities:
● When your unit changes, so does your insurance coverage. Getting a home makeover can be exciting, but new features can also mean new liabilities. Any renovations or modifications above the Standard Unit By-law must carry additional insurance.
● Insurance is your responsibility. It is the duty of each unit owner to make sure their insurance needs are taken care of. This means selecting and maintaining a plan that covers all unique homeowner needs.
● Make sure you have enough. If severe, fire or flood damage can displace residents for over a year! Here’s a simple equation you can use to get an estimate:
Monthly bills (in dollars) x potential displacement time (in months) = displacement insurance (in dollars)
● Extra insurance. If you have any special assessments not covered in your existing insurance plan, it is possible to insure those, too. Talk to your broker for details.
Contact Digi-Notice to prepare your communication strategy today. Contact phil@digi-notice.com or sue@digi-notice.com
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