Insurance for apartment condo

[DianneDachyshyn]

We are buying an apartment condo. Do we need our own insurance in addition to the condo board and the tenant insurance? If so, what kind? Should it include liability, loss of rent, appliances, etc? We bought another appartment earlier this year, and we were told by the PM company that we didn`t need any insurance. Now we`re not so sure.

 

[GarthChapman]

You do need some very basic insurance. Check with your Insurer - it should cost somewhere around $10 per month, if that. One of the things it needs to cover is any `improvements and betterments`.

 

[Sarnia]

I agree talk to your insurance agent. You also want coverage in the event that your tenant does something that might cause you to be legally liable. Ask your broker to give you some examples where this coverage was applicable, or in cases where it is not applicable. It is best to know both sides of the coin, and evaluate how much risk you yourself want to take, ie maybe a higher deductible.