Posted 10.29.12 @ 8:30
Homeowners insurance is just another part of owning an Oakville luxury home, but how airtight is it? How much will it cover, and what can you do to bridge the gaps? Here we’re going to explore options and help you ask some questions so you know where you’re at and where you need to be.
Do I Need Homeowner’s Insurance if I Own a Condo?
With pre-build condo sales booming, many buyers looking at Oakville homes for sale on the condo front don’t know where they land. Is it a home? Is it a rental?
Your monthly HOA fees will go towards the condo insuring the structure of the development, but the contents, or inside of your condo will be up to you. If you want to be able to protect your valuables, your walls, your carpet, and whatever else is inside your Oakville luxury condo, buy renter’s insurance.
Do I Need Homeowner’s Insurance if I Own a House?
Yes. Depending on your situation your premiums could be tax deductible. If you’re investing in Oakville luxury real estate or looking at Oakville homes for sale, you’re going to need to think about insurance. Once you buy a house, insure it! You’re going to need to make sure that it covers EVERYTHING that could happen. Flooding is a concern, even if you’re in a condo (pipes burst every day), fire, smoke, wind, random acts of God. Everything has to be taken into consideration when you’re buying Oakville luxury real estate.
Do I Need Earthquake Damage Insurance?
There is a very slim chance that an earthquake is going to hit the Greater Toronto area, but most policies by default won’t include this.
If My Pipes Burst While I’m Away on Holiday, Will it be Covered?
Most flood damage policies include a bit about “due diligence” to prevent flooding. So if you’re down visiting relatives in Florida during the Christmas holiday and your pipes freeze and break because you didn’t take steps to prevent freezing, your policy probably won’t cover a burst pipe.
Does Fire Insurance Cover Everything?
Probably not; most fire policies will cap how much they’re willing to pay by depreciating your personal possessions. If there is a disaster, you may still have to foot the bill for repairs for your Oakville real estate.
It’s not all bad though! If you’re looking at Oakville homes for sale and buy one, you’ll most likely end up with homeowner’s insurance coverage that you didn’t know you had. It’s important to understand your policy for any Oakville real estate, so ask your broker exactly what will be covered and what your expected expenses will be when the time comes.
If you’d like to find the perfect home for you, you need the perfect Oakville luxury realtor. Luckily for you we’re right here (just kidding!) All jokes aside, we’re in the business of finding houses that make great homes. Contact us today and see what we can do for you.