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Condo insurance: Types of coverage

Choosing the right coverage for your co-owned property may seem a confusing task at first glance. Remember that since your agent has no evaluation mandate, it’s up to you to determine the insurance amounts. At J Gérard Fortin, we’re there to advise you and help you make informed decisions.  

Coverage A: Unit and Improvements and Betterments

Apart from your personal property, you must cover the improvements you have made to your home which are not covered by your building’s main insurance. You can protect any significant investment in your property such as wooden or marble floors, pricey built-in cupboards, customized wall finishes, etc

Loss assessment

As a co-owner, you are responsible for areas shared by all owners of the building and for losses that may occur. The insurer will pay, up to a stipulated amount, your portion of any special assessment that is valid under your co-owner association’s governing rules

Supplemental coverage

Apart from insuring your improvements and betterments, you may also want to insure your condominium unit itself. You will then be covered should the co-owner’s association insurance not fully cover a loss to your unit. There is no actual “outbuildings” section in standard co-ownership insurance policies. However, the residential building guarantee normally covers canvas-type shelters and/or sheds if they belong to you personally. Feel free to contact us if you would like more information on this topic.

These descriptions are provided only as a guide. Certain conditions, limitations and exclusions may apply to each of these  guarantees, as specified in the forms. Coverage is also subject to change without notice. Please refer to the forms provided by your insurer and to their modifications.

Coverage C: Personal Property

You can put any amount you like in this section. It would be a good idea to make an annual inventory of your possessions and to store this document in a place other than where you live. This would also make it easier for you to decide on the amount you would like us to put down! It should be noted that the personal property guarantee in your home insurance policy covers possessions of a family member who is studying away from home, at their place of study. It can also cover the personal effects of family members during a stay in a healthcare facility. Moreover, coverage extends to goods temporarily located off the premises, as when traveling. Most all-risk home insurance policies have a replacement value clause on the contents, which means that damaged or destroyed goods, whether they are clothes or accessories, will be replaced with new, comparable items.

These descriptions are provided only as a guide. Certain conditions, limitations and exclusions may apply to each of these  guarantees, as specified in the forms. Coverage is also subject to change without notice. Please refer to the forms provided by your insurer and to their modifications.

Coverage D: Additional Living expenses and Fair Rental Value

If your residence becomes uninhabitable following a covered loss, your homeowner policy can cover the additional living expenses while you wait for repairs to be made or until you return to your home.

The amount of this guarantee is usually determined by applying a percentage of the insurance amount to the contents (for example, 50%).

These descriptions are provided only as a guide. Certain conditions, limitations and exclusions may apply to each of these  guarantees, as specified in the forms. Coverage is also subject to change without notice. Please refer to the forms provided by your insurer and to their modifications.

Coverage E: Legal Liability

This part of the home insurance policy covers you for bodily or material damages that a third party may suffer as a result of your daily activities or on the property (homes or land) that you own or use. The amount of the civil liability guarantee is the amount covered up to the limit of your policy in the event of legal proceedings brought against you. The insurer will take up your defence in the event of legal proceedings. To determine the amount of civil liability coverage you should take, keep in mind that this coverage protects you anywhere in the world. If you do any travelling, it would be wise to increase your limit to $2 million and to also consider the purchase of an Umbrella Liability policy.

These descriptions are provided only as a guide. Certain conditions, limitations and exclusions may apply to each of these  guarantees, as specified in the forms. Coverage is also subject to change without notice. Please refer to the forms provided by your insurer and to their modifications.

Coverage F: Voluntary Medical Payment

The homeowner policy covers medical expenses for minor incidents that can occur on your property. This guarantee covers the medical expenses incurred by or for the victim of an accident resulting from personal activities or on the insured premises. It also covers bodily injuries sustained by your resident employees, such as nannies and housekeepers, while they are working. Even if you are not liable, you can make a claim under this coverage. There is a maximum amount payable by the insurer, which can vary from one insurer to another.

These descriptions are provided only as a guide. Certain conditions, limitations and exclusions may apply to each of these guarantees, as specified in the forms. Coverage is also subject to change without notice. Please refer to the forms provided by your insurer and to their modifications.

Coverage G: Voluntary Payment for Damage to Property

This guarantee covers accidental material damages caused to the property of others, provided they result from your personal activities or they occur on the insured premises.

Even if you are not liable, you can make a claim under this coverage. There is a maximum amount payable by the insurer, which can vary from one insurer to another.

These descriptions are provided only as a guide. Certain conditions, limitations and exclusions may apply to each of these  guarantees, as specified in the forms. Coverage is also subject to change without notice. Please refer to the forms provided by your insurer and to their modifications.

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