Condo Insurance is for condominium unit owners or those who have stratified their duplex and require contents coverage. Condo Insurance is meant to cover gaps in your existing strata insurance and is typically fairly inexpensive.
Your strata insurance is responsible for rebuilding your condo building exactly how it was originally built. This leaves a gap in any improvements and betterment’s you or a previous owner has made to your unit such as installing hardwood floors or granite counter tops. Strata Insurance also does not cover your personal property, or your worldwide liability. Condo Insurance can also cover additional living expenses if you were to be forced out of your unit due to a covered loss. More importantly Condo Insurance can cover loss assessments, or the assessment of a strata deductible. Some companies limit this coverage so it is best to know your strata deductible before obtaining insurance.
For further information, please contact us and speak with one of our home insurance specialists.
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