![\"\"](\"https:\/\/www.livabl.com\/articles\/wp-content\/uploads\/2019\/06\/condo-exterior.jpg\")
<\/a><\/p>\nPhoto: James Bombales<\/em><\/p>\n Condo insurance is recommended if you own a condo unit. Unlike traditional homes, with a condo, you don\u2019t own the building or the land \u2014 you own your specific unit. While your condo corporation will have a master insurance policy, it covers what happens to the exterior of the building and common areas. It won\u2019t cover personal use, repairs to your unit, or theft. It also won\u2019t cover you if a guest is injured in your condo. Hence, having your own insurance policy can help in the event of an accident or fire in your unit. But what exactly does condo insurance cover? And more importantly, how much coverage do you need?<\/span><\/p>\n Here are a few tips about condo insurance<\/a>, what\u2019s covered, and\u00a0how to save on your policy.<\/span><\/p>\n Photo: James Bombales<\/em><\/p>\n Your condo is your castle and you want to protect it. Condo insurance covers your personal belongings if there\u2019s a fire, vandalism or theft in your unit. Your policy also covers repairs and provides money to replace your belongings. It even protects you from lawsuits if someone is injured while visiting or staying in your unit.\u00a0<\/span><\/p>\n While renters insurance is optional, condo insurance is mandatory for unit owners. You need coverage in case a fire breaks out in your kitchen and spreads to other units, or in the event your washing machine overflows and leaks into your downstairs neighbour\u2019s bedroom.\u00a0<\/span><\/p>\n Here’s a breakdown of what is and isn\u2019t covered by condo insurance.<\/span><\/p>\n Your insurance covers:\u00a0<\/b>A burst pipe, lightning, vandalism, smoke or fire damage, theft in your unit, and damage from wind, hail or an explosion.\u00a0<\/span><\/p>\n Photo: James Bombales<\/em><\/p>\n Photo by\u00a0jonathan Ford<\/a>\u00a0on\u00a0Unsplash<\/a><\/em><\/p>\n Note: Supplementary coverage or add-ons may be available to protect against some of these issues.<\/span><\/p>\n Photo by\u00a0JESHOOTS.COM<\/a>\u00a0on\u00a0Unsplash<\/a><\/em><\/p>\n When <\/span>shopping for insurance for your condo unit<\/span><\/a>, take an inventory of everything you own. Although time-consuming, it can help you prepare a proper assessment of your home\u2019s interior value. If you ever need it for insurance purposes, you\u2019ll have a copy. Update it when you make a new purchase like electronics or artwork, update fixtures and furnishings, or make any other costly upgrades.\u00a0<\/span><\/p>\n When deciding\u00a0how much insurance to purchase:\u00a0<\/span><\/p>\nWhat\u00a0is covered by condo insurance?<\/b><\/h2>\n
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What\u00a0is covered by the condo corporation policy?<\/b><\/h2>\n
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What may not be covered by your policy or the condo corporation policy?<\/b><\/h2>\n
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How much condo insurance\u00a0should you buy?<\/b><\/h2>\n
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How much\u00a0does condo insurance cost?<\/b><\/h2>\n