Condo Unit Owners Insurance
If you own a condominium, Condo Insurance is a great option to financially protect you from any unfortunate events that happen to your condo. Your condominium insurance (otherwise known as Condo Insurance) can protect your personal belongings, any improvements to your unit and any damage you accidentally cause to other units. Insurance is also important to protect you from liability if anyone gets hurt while visiting your unit.
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Many people wonder if they need Condo Insurance as the condominium building overall should have their own insurance. However, the shared insurance policy typically only covers the common areas (such as the lobby, gym and elevator). Therefore, excluding your personal belongings and any improvements made to your unit. Additionally, the shared insurance policy may not provide any liability coverage and so will not protect you against any claims made against you. Condo Homeowners Insurance is a great option to provide that additional layer of protection.
If there was a major repair required to your unit, you may be liable for the costs. Imagine the cost of a burst pipe in your apartment which then spreads to other units. If you don’t have condo home insurance, you could be responsible to pay the entire shared insurance policy deductible which could be tens of thousands of dollars. In addition, depending on the shared insurance policy you may also be liable to cover the repair costs. Your Condo insurance will provide coverage to ensure that you are covered in the event of an accident.
What is covered?
- Contents: This includes your clothing, furniture, electronics, and other valuables.
- Upgrades: Doing a reno? This will cover new floors, cabinets, or other improvements.
- Theft: Protection in case of a crime.
- Third-party liability: A visitor gets injured on your property, or you cause damage to another condo unit.
- Emergency expenses: Flood or fire? Your temporary accommodation is taken care of.
How Much Does Condo Insurance Cost?
There are many factors used when determining your Condo Insurance cost. These include:
- Age of condominium building
- Value of your personal belongings
- Leasehold improvements
- Past Claims
- Location
To reduce the cost of your Condo Insurance premium, here are some things that you can do:
- Install security systems such as burglar alarms
- Install smoke detectors
- Bundle your home and auto insurance
Your NationWest Broker will shop the market with our network of insurance partners. We will make sure to provide the best coverage at the most competitive price.
How Do I Get Condo Insurance through NationWest
Start your Condo Insurance quote online on our website. To complete your purchase for Condo Home Insurance, your Nation West broker will walk through your quote with you, and will look to see if there are any other ways to save or identify areas where you may need additional coverage. Contact us today!
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