Posted 4.15.13 @ 12:40
Condo insurance, renter’s insurance, it all does the same thing – protect the inside of your Oakville real estate and the contents of your home. If you have HOA fees that you pay every month, you’re only covered when it comes to the exterior or structure of your home. If you want to be able to get the most for your money and know you’re protected, you’re going to want condo insurance. Each company will offer something a little different, and you’re going to want to make sure that you know what you need to look for.
Earthquake and Flood Damage
This sounds a bit weird, because we’re in Ontario, and if you’re high up in a condo you might not suffer flood damage… right? But if there is a fire that they have to put out, you may need water damage and flood damage to cover your expenses.
What’s Your Coverage Limit?
When looking to insure your luxury real estate, you’re going to want to look at your coverage limit. Does this amount actually cover all of your jewelry, furnishings, and electronics? Do you have expensive fixtures and other things that would add on to that price tag? While it’s easy to think that you’re saving, you’re probably not.
Will Your Coverage Follow You?
If you sell your Oakville luxury home and move into another piece of Oakville real estate or maybe even somewhere else in Canada, will you coverage follow you? Will you have to start a whole new policy if you move? This is very important to know before you sign on so you can play for the future – many policies will move with you.
Does it Only Protect Stuff in Your House?
Ask if it will protect your possessions in your car, on you or at work – let’s face it things can happen and you just never know what’s around the corner. Some will extend coverage, while others will have strict definitions of what’s covered and what you can get covered even if it’s in your home.
How Much Will it Cost?
You’ll want to find out how much your coverage is going to cost you. Can you bundle it together with motorcycle or car insurance, or will you have to go to a new company to cover the contents of your unit? Don’t be afraid to comparison shop for the best rate – after all this will most likely be the company you work with for years to come.
Can You Save Money?
You’ll want to ask if there are any ways to bring down your premiums. Are there discounts for installing a home security system, smoke and carbon monoxide detectors? Always ask, a little expense now can give you huge savings over the life of your insurance policy.
Not all insurers are created equal, but if you want to protect your investment you’ll want to talk to a broker or your insurance agent.