When it comes to purchasing Barrie condo insurance, there’s a lot more that needs to be considered than just ensuring your contents will be covered.
While the condominium corporation has insurance (which you partially pay for out of your monthly fee), that policy usually only covers items that are part of the structure and common areas of the building. You should select a comprehensive insurance plan that protects your unit, belongings, and replacement cost to the condominium building and structures, as well as common areas.
If you’ve invested extra in upgrading your unit’s flooring, carpeting, cupboards, appliances and other comforts, you’ll want to be sure you’re covered for replacement value should anything happen to your condo unit. And, of course, replacement of your contents such as furniture, electronics, and other personal belongings should be included in your policy.
Perhaps most importantly, you need to ensure you’re protected against personal liability in case of injuries to anyone who visits your condo unit, or for accidental damage you may cause to your neighbour’s property or common areas by fire or flood.
Glenn Dusome of Dusome Insurance Brokers in Barrie points out that many Barrie condo unit insurance policies lack coverage for what is called a special loss assessment. You should look for this coverage and make sure that it has an adequate limit to protect the unit owner. More information on special loss assessment can be found online @ the Barrie Condo Team’s facebook page.
In terms of Barrie townhomes, a condo townhome’s insurance may have less expensive premiums since there’s less property to insure than a freehold townhome. Generally, a freehold townhome’s insurance is similar to that of a detached home, but with coverage that will protect against damage to shared elements such as walls, pipes, and so on.
While a freehold townhome doesn’t have a condo corporation running it, you’ll want to ensure the coverage your insurance company is quoting will be sufficient to cover the replacement cost of your unit’s contents and the building your unit’s in, any additional structures such as garages or garden sheds, and provide protection against liability from accidental damage to neighbouring units.
Always check with your insurance company or broker before committing to anything and do your due diligence. Ultimately, your primary concern should be ensuring adequate insurance coverage for your property, belongings and liability, not the lowest-priced premiums.
