It’s time to chat about insurance – woot, woot! Yes, I realize that insurance isn’t always the most exciting subject to talk about, but most of us know how valuable it is and how it certainly gives us much needed peace of mind in case of a misfortune.
With more and more people choosing to purchase condominiums, it’s important to consider what might be needed for personal insurance.
Condominium corporations have an insurance policy (also known as the Master Policy) that insures the property and common areas that are collectively owned by all the condo owners within the development, but that doesn’t mean that your personal effects are covered.
The corporation’s coverage is often based on fire, sewer back-up, flooding and earthquakes, but this is primarily based on the structures themselves. The policy doesn’t insure any of your personal property such as clothing, televisions and other electronics, appliances that aren’t part of the standard unit, and furniture.
In addition, if you’ve upgraded your condo by finishing the basement or installing new cupboards, countertops, flooring or plumbing fixtures, the corporations’ policy doesn’t insure these upgrades; it only covers the standard condo.
These are just two examples of what you may need for extra insurance coverage as a condo owner. Professional property managers can help to ensure you have the proper coverage in place so you can continue to enjoy the worry-free lifestyle that your condo living provides.
Vionell Holdings Partnership (VHP) provides rental housing and property management for an array of residential and commercial customers, including Condominium Management. VHP currently has over 2,500 units under management in Manitoba