Posted 4.27.12 @ 8:0
When you’re looking at condos for sale in Oakville, you’ll find many different types; but do they need insurance like a regular home? Your HOA (home owner’s association) will cover the structure of the condo itself, but it won’t cover damage inside the unit and damage to your possessions. Luxury condos are a fantastic way to live a maintenance free lifestyle, but you need to have that assurance that you’re protected in the event of fires, floods and even windstorms (not to mention theft or vandalism). With condo insurance you’ll be able to keep your bases covered.
Isn’t Condo Insurance the Same as Home Owners Insurance?
Since the entire building should be covered by the co-op or the HOA’s policy, the structure of your condo will be covered. What you have to worry about is Condo Insurance; this kind of policy is much more like Renter’s Insurance than it is home owner’s insurance. This is great for you, meaning you won’t have to spend nearly as much on monthly premiums to keep your property secure. But before you buy Oakville real estate you should ask the condo or co-op if they have deals with certain insurance companies for better rates, or if they can bundle in the insurance with your HOA fees.
Do You Need It?
Buying real estate, especially luxury real estate, is a major investment. You need to know that your furnishings, computers, clothing and other valuables are protected in case of an accident. You should also think about insurance to cover water damage to your flooring and walls, to protect you against theft and vandalism, and you also never know when Mother Nature will pay your home a visit. The policies are affordable and it’s a smart easy way to help you prevent a major loss (of everything except your nice new empty home!). You can often bundle your car insurance with your renters insurance and save a fortune.
What Exactly Does it Cover?
Here are some of the things that a policy can protect your luxury condo against:
Acts of Nature
like Fire, Water Damage (broken pipes, floods and other water damage), Windstorms and Hail.
(wall to wall and floor to ceiling protection is necessary!)
Theft, Mischief and vandalism
All of these things are important. Condominium policies are there to protect the interior of your unit; this means that your windows and patio are usually covered by the building. What you have on the patio and behind the windows is up to you to protect. You can even get liability protection for bodily injury if someone gets hurt in your apartment, as well as property damage of others (there’s a flood and your friend had some belongings in your condo for example) all at around the same price that you would pay for a renter insurance policy.
If you want to get a great home and protect it too, you need to insure your Oakville real estate!