Tenant / Liability / Condo FAQs
A: Although Landlords or condo corporations have insurance for the building, there is no coverage for your personal belongings if they are lost or damaged in a fire, by vandalism or other loss. There is also no liability coverage for you if you are held responsible for damage to the building or another tenant's or unit owner's belongings. For example, if you are cooking and accidentally start a fire that damages the building or other units you may be responsible for paying the repair or replacement of damages. Having a tenant or condo insurance policy will provide you with coverage for your belongings, liability insurance as well as additional living expenses in the event that a claim causes your unit to be uninhabitable.
A: It’s much cheaper than you think. A $20,000 tenants package, which includes $1,000,000 liability can cost as little as $10 per month.
A: Take some time to look around your apartment or condo. What would the cost be to replace all of your belongings with new items?
A: A condo insurance package will include coverage for your personal belongings, additional living expenses, liability as well as improvements and betterments and contingent coverage. These additional coverages offer protection if the condo corporation is under insured and provide coverage for your investment that you have made to the condo to upgrade your unit. The condo corporation may also have a very high deductible that each unit owner would need to pay a part of. Your condo insurance provides coverage with a much lower deductible that you would need to pay in the event of a claim.