Posted 9.2.12 @ 10:15 by: Staff

When buying Oakville real estate like condos, you’re definitely going to want to get some insurance started! Just because your condo may have insurance included doesn’t mean it will cover the inside of your home. Condos are a great way to have a fuss free living arrangement, but you’re going to want to make sure that you can keep your valuables safe. The type of insurance you’ll want for your Oakville condo is something called “renter’s insurance”; it can often be paired with your car insurance so you can save on premiums.

What is Condo Insurance?

Condo insurance, or renter’s insurance, protects the INSIDE of your condo. The kind of home owner’s insurance that your condo has will protect the OUTSIDE of your condo, or the structure of the building. They will rarely protect the inside of your home and you’re going to need to make sure that you keep your possessions protected in your Oakville real estate. This means you can get insurance to cover theft, the elements, fires and more; but it’s up to you to make sure that your things stay protected no matter what happens in your condo.

What Kind of Protection Does Condo Insurance Provide?

When you get condo insurance for your Oakville luxury condo you’re going to want to make sure you’re getting a great plan that will actually cover the things you need it to cover. Will it cover you (liability) if someone is hurt in your apartment? Will you be able to get money to fix smoke damage or replace your furniture and carpet? These are the kinds of questions that you’re going to need to be able to ask your insurance broker before you buy a policy to cover your Oakville real estate. The last thing you want to do is to get a bunch of coverage that won’t adequately protect your property.

The right condo insurance usually covers the following things:

  • Fire and Smoke Damage (if it doesn’t offer this, keep looking!)
  • Flood and Water Damage (again, this is a must for any plan)
  • Theft, Vandalism, Mischief

There are some other things like liability that will protect you from being sued if someone takes a tumble in your home, but most people don’t opt for that kind of insurance. When covering your Oakville real estate, it never hurts to make sure that you’re completely covered.

Where Can You Get Insurance?

If you want to insure your Oakville real estate, it’s good to start with your usual insurance agent. They’ll almost always be able to bundle in your Condo or Renter’s Insurance in with your car insurance and even your life insurance to get you a good rate. Make sure you speak with a good insurance broker when looking for this kind of insurance so you get a good deal. If you don't know where to start, it never hurts to ask your Oakville real estate agent if they can help you find a reputable broker!

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