How To Buy Condo Insurance

Buying a condo is a major milestone, especially if it’s your first property! It’s a significant investment and the real estate is booming here in Montreal. We’ve noticed first-time buyers are often unaware when it comes to the topic of condo insurance, so we’ve decided to break things down and create a bit of a crash course.

What is condo insurance?

To explain things in simple terms, condo insurance safeguards your property from a wide range of potential threats, incidents, and accidents.

Condo associations are typically required to ensure the building itself but your possessions are not covered. In this case, you have to buy personal coverage, and many first-time buyers are completely unaware because they believe the insurance on the building is sufficient.

What kind of coverage does it provide?

The Montreal Gazette recently conducted an interesting report and surveyed 270 homeowners and discovered 70 percent of the owners weren’t adequately insured. While covering necessary things like furniture, electronics, jewelry and other personal property may seem obvious, there are other things to consider.

For example, negligence can be a huge issue. The damage from a simple household mistake can lead to a catastrophic bill, and can be easily avoided by investing in condo insurance.

A simple mistake like leaving your water faucet on too long could damage your property and the unit below, meaning you’re liable for the damage. If a horrific accident occurs and your unit needs major repairs, an insurance plan will cover the costs of the damage, along with your hotel bill and living expenses before you’re ready to move back in.

Where do I buy condo insurance?

One easy way you can get started is by talking to the management company that operates your building. They should be able to give you all the information in regards to what’s covered by the building’s policies – allowing you to create a customized insurance plan.

Your next step should involve talking to a qualified insurance broker, who will help choose a policy that guarantees your investment and protects against any random accidents. Any bank or known insurance agency should have experienced agents at their disposal.

If you get started on this process early, before you move in, you’ll have more time to compare premiums, guaranteeing that you get the best rate.

In the end, buying a condo is like any other investment; it needs to be protected – mainly because it’s also your home. If you’re currently looking for a condo, consider one of DevMcGill’s innovative construction projects. Whether you’re a first-time buyer or not we have something to suit your needs. Visit our website or call one of our agents at 514-288-4737.