So, you’re all set to make one of the biggest purchases of your life – the perfect condo. What do you do next? It may not sound like the most exciting task when you’re about to move into a new home, but purchasing an online condo insurance policy should be at the top of your to-do list.
Know the difference
Condo insurance is different than home insurance and tenant insurance; it covers more than tenant insurance (insures your personal belongings and liability) and less than home insurance (insures the entire building itself and everything inside).
Start with some questions
Before you purchase an online condo insurance policy, you should speak to the condo management company and get a detailed list of what is and isn't covered by the condominium corporation’s insurance policy.
Here are some questions to ask:
What is their insurance deductible? You might be required to pay this and can adjust your policy so you have enough coverage.
How much insurance coverage do they have? Ask your insurance broker if your coverage is sufficient and if not, you can get Contingency Coverage.
Do they have insurance requirements or recommendations for owners? Don’t miss those smaller details, especially before you move in.
Once you know what's covered by their policy and what you'll need to cover yourself, you can make sure you buy the right condo insurance policy.
So, what’s the right coverage?
At Nuera, we only sell the most comprehensive condo insurance packages to our clients. Together with our insurance partners, we have created policies that have all the coverage you need – and then some.
All our condo insurance policies include:
Condo Corp Deductible – your condo corporation is also responsible for a deductible, like the one on your own policy. You and/or other owners may be required to pay a portion of this deductible should they make a claim.
Loss Assessment – this covers unit owners for their share when there is a loss to a common area such as a lobby, gym, parking garage, etc.
Contingency Coverage – this will cover you for a loss if the condominium corporation who owns the building has insufficient, invalid or void insurance. It will also cover you if the corporation’s policy has an exclusion for a certain type of loss (e.g. earthquake) but your policy has coverage for it.
Unit Improvements & Betterments – this covers any additional upgrades made to a condo after it has been built.
At Nuera Insurance, we know that every policy is as unique as the person buying it, so we’re here from 8 - 6 MST, 7 days a week to answer your questions and help you find the perfect online condo insurance policy. Give us a shout or quote and buy your policy online in minutes.