Tenant and Condominium Insurance
Many renters believe that they don't need insurance. If your neighbour has a kitchen fire that spreads or if you have a break-in and theft, would it be financially difficult to replace your possessions? If someone is hurt in your home and sues you, would it be financially difficult to pay for your defence costs, lawyer's fees and any resulting settlement?
Condominium policies cover your possessions as well as improvements you make to your condo. 'Loss Assessment' covers your portion of costs for insured losses to common areas. As the Condo Corporation's insurance policy may have a very high deductible, most policies will also cover your portion of this deductible. 'Additional Coverage' will protect you in case the Condo Corporation has inadequate coverage, ineffective or lapsed coverage or no insurance at all.