Whether you own a single family home, condo, townhouse or other type of domicile, you are legally obligated to insure your property. They may seem similar, but home insurance and condominium insurance provide different levels of coverage. Check out ARC’s guide below to get the low-down on the difference between these types of insurance.
CONDO INSURANCE COVERS…
- Glass (windows, etc);
- Fires and smoke damage;
- Sewer back-ups or water main breaks*;
- Theft and vandalism;
- Wind, hail or storm damage*;
- Fires and arson.
*Floods and earthquakes often require special coverage, so always consult with your insurance representative if you live in an at-risk area.
Condo boards also must insure shared-use and common areas. Since damage to these areas can cost thousands or even millions of dollars, these policies are extremely detailed and extensive. Make sure you are protected! If you are buying a condo unit, have your ARC rep look over the coverage provided by your condo board’s insurance documents.
HOME INSURANCE COVERS…
- Hurricane, hail and lightning damage*;
- Personal belongings (theft and some disasters);
- Injury to people on your property;
- Cost of interim accommodation in the case of severe home damage.
*Floods and earthquakes often require special coverage, so always consult with your insurance representative if you live in an at-risk area.
Neighbourhoods and communities can have shared-use areas where homeowners contribute towards maintenance and upkeep. This may also include insurance, so always provide full documentation to your ARC representative.
Do you own multiple properties? Are you considering upgrading or downsizing to a new property? Or maybe you are simply curious about the ins and outs of property insurance? Regardless, contact or visit ARC Insurance today for a full explanation… and a free estimate!
