When it comes to your investment property, ensuring it is properly protected is crucial. Condo insurance is key to safeguarding your unit and belongings, covering what the building insurance might not. Understanding the differences between building insurance, tenant insurance, and landlord insurance is essential for comprehensive protection.
Building Insurance covers the structure of the condo and common areas, but it doesn’t include personal property within your unit. Tenant Insurance is taken out by tenants to protect their own possessions. Landlord Insurance covers your unit, including any fixtures or improvements you’ve made, such as hardwood floors, tile work, cabinetry, and more.
Here’s what condo insurance typically covers:
- Fire or Natural Disasters
- Plumbing System Issues
- Theft
- Shortfalls in the Building’s Insurance Policy
- Personal Liability
- Damage from Tenant Negligence
Without condo insurance, you might be liable for damages caused to other units by incidents like a fire or a leaky pipe, especially if the building’s insurance policy doesn’t fully cover it. Even if there’s partial coverage, you could be responsible for the deductible.
Investing in the right condo insurance can save you from unexpected costs and provide peace of mind. For a small monthly fee—often around $25—you can protect your investment effectively. Reach out to your insurance broker or bank for a quote today and ensure your property is safeguarded.
