Need to buy insurance for a condo?

[Millions]

Just curious, I bought a condo in killarney 5 years ago and its been practically maintenance free so far.



The condo fees covers "insurance" but I also received a letter today saying something about heating pipes or something in some of the units exploding and damaging some units. Luckily it wasn't mine but the letter was telling those people that that kind of damage isn't covered by the condo insurance.



So im wondering, Should I be buying my own seperate insurance for things like that? or anything else that could go wrong with the unit?



If so, I'm assuming it wouldn't cost much anyways but how do you go about that?

 

[bizaro86]

I would recommend buying condo owners insurance, I have it on all my condos.



You can get it from any insurance broker, and you`re right, it`s not very expensive compared to house insurance, since they insure you for less.



I`ve used Julie Crawford at the Insurance Place here in Calgary and been happy with the service.



http://web.me.com/theinsuranceplace/



Michael

 

[Anonymous]

I would recommend it as well. I carry insurance on all my condos (as riders off my homeowner policy). It doesn't cost that much and gives me peace of mind. I use Canadian Northern Shield because they allow up to 8 rentals on one homeowner policy. Here's some things you should consider coverage on:



*Loss of use - you would still receive rental income for a specific time period while your rental is "out of service".



*Improvements and betterments - if you put in hardwood, but it used to be carpet/lino.



*Legal liability - if your tenant trips on a piece of hardwood coming up and sues you.



*Water damage extension - if you're hot water tank leaks and damages other units. This covers the deductible you would have to pay on the Strata's insurance policy.

 

[Millions]

Thanks everyone.



I emailed Julia.



Had a quote for $15K worth of coverage at an annual fee of $130.



Is this fine you think?

 

[Howell]

Hi,

I'll suggest you buying condo owners insurance, i have it on all my condos. You can get it from any insurance broker and you`re right, it`s not very expensive compared to house insurance since they insure you for less.

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