Condo insurance in St. John’s, Corner Brook and throughout Newfoundland.
Living in a condo certainly has its benefits; like no longer having to deal with shoveling through our notorious winters, or mowing the overgrown lawn that you kept on “forgetting” to do. However, this shouldn’t shy you away from getting the right protection for your townhouse or condo, with insurance.
Get dependable coverage with a dedicated, local Account Manager for your family and belongings, with Wedgwood Condo Insurance.
Your condo association’s insurance policy likely covers certain aspects of your condo, such as common or shared areas. It does not cover your personal possessions or any improvements you make or fixtures you add to the condo.
Use the yellow hot spots and explore how condo insurance can help protect against common risks.
Any betterments, improvements, alterations, or additions made to your condominium are subject to damage. However, it’s important to make sure they’re covered appropriately.
Be sure to obtain coverage for any betterments, improvements, alterations, and additions made to the unit. This includes, but is not limited to, kitchen cabinets, built-in wall units, wall-to-wall carpeting, wallpaper, paint, bathroom fixtures, tile and wood flooring, and more.
Unpredictable losses can occur to your property due to burglary, fire, water damage, storm, and more.
Personal property, such as furniture, rugs, TVs, stereos, clothes, and more may be covered under your basic insurance policy. However, items like jewelry, furs, silverware, antiques, collectibles, and other valuables should likely be insured separately.
Additional living expenses can be incurred if there is damage to your unit due to a fire, storm, or other event resulting in your need to live at a temporary residence.
Ensure you have the proper coverage in case you need to live elsewhere for a little while. Coverage usually includes hotel bills, restaurant meals, and other living expenses incurred while your residence is being repaired or rebuilt.
You're responsible if a guest in your unit trips and falls or sustains an injury while on your property or if you cause damage to other units.
Be sure that you have coverage for claims made against you for bodily injury or property damage caused by your negligence, whether intentional or not. This might include damage to other units in the building, perhaps caused by a leaking pipe in your unit or otherwise.
You're responsible if a guest is injured while on your property and you may be required to pay their medical expenses.
Ensure your insurance policy covers this risk. In the event a person is injured in your unit, he or she can submit medical bills to your insurance company. Medical expenses are usually paid without a liability claim being filed against you, with typical limits ranging from $1,000 to $5,000.
If your building owner or association suffers a loss and doesn't have adequate insurance coverage of their own, they may require you to help pay for the loss via an assessment.
Consider loss assessment coverage to protect yourself in the event of an assessment caused either by a property (building) or liability loss. A range of limits may be available.
Physical damage can happen in many ways. As one example, suppose a fire unexpectedly breaks out in the utility closet and consumes the building causing significant damage.
Be sure your condominium owner, association, or corporation carries a comprehensive policy to cover the risk of physical damage. It’s important to know what the policy includes and what it doesn’t, which could range from covering just the shell of the building to including things like floors and walls.
Condo insurance is specially designed for your particular condo. It covers damage caused by theft, fire, severe wind, lightning strikes and frozen pipes, along with specialized coverage such as loss assessment, unit contingent coverage, and betterments & improvement coverage.
It can be confusing to figure out exactly what coverage you need for your condo unit, so we’re more than happy to work with you to find the condo insurance policy that’s right for you.