April 30, 2018 Home Insurance for Peace of Mind Home insurance encompasses many essential items that are not covered by strata such as unit upgrades and personal property.
An important item to have on your move-in checklist is home insurance. For those who choose to purchase a new condominium or a townhome you will need insurance that covers personal property and liability so that your home investment is protected. It is highly recommended to research a home insurance provider ahead of your move-in day to understand the details and rates for planning purposes.
Although the strata corporation for your new unit will have insurance (and you share this insurance with the other homeowners in the building), it only covers items that are part of the building itself, like common areas, parking garages, gyms, swimming pools and the like.
Not covered by the strata corporation’s insurance is your personal property and belongings. It is your responsibility to make sure you are covered by your own personal home insurance policy. Many essential items are covered when you purchase insurance for a condo or townhome, such as unit improvements and upgrades, personal property inside your home and storage locker, third-party liability, and additional living expenses during a repair period if your home is unfit to live in.
This portion of your insurance will cover you if something goes awry while improving your unit or performing minor alterations to your home, like adding millwork, or painting the walls to personalize your new space.
The contents inside your home must be insured under your personal insurance. Your personal items will be protected against water damage and other types of loss, like theft. Items could include electronics, clothing, household goods, paintings, and furniture.
If you forget to turn off the faucet in your kitchen sink, and it causes water damage to a neighbour’s unit below you, they have the option of suing you for damages. This part of your coverage will protect you from some incidents such as water damage or in other cases liability against a visitor being injured while inside your home.
ADDITIONAL LIVING EXPENSES
If your home suffered extreme damage and is unfit for daily living, your insurance could cover out-of-pocket expenses for temporary accommodations and other living disbursements that you incur during the repair or renovations process.
Your own home insurance covers a wide range of items that are crucial to your personal liability, and for the liability of your new unit. Speak to a specialist in property insurance for the right coverage that will protect your assets and give you peace of mind for your new home.
PHOTO // Alpha at Lumina Brentwood by Thind Properties