Insuring your condo
Finally, you've realized your dream of owning a condo! Now you need to protect this asset by buying home insurance.
In addition to insuring your property and the improvements made to your condo since its construction, your
home insurance offers you liability coverage.
In fact, the liability coverage provided under your home insurance policy will protect you should you be held
liable for damage caused unintentionally to a third party.
For example, a guest injures himself by tripping over your child's toy. In this case, your insurer will
indemnify your guest if you're held responsible.
Who can sell you insurance?
- An insurance broker: brokers offer the products of insurance companies with which they have agreements.
- An insurance agent: agents work for a specific insurance company.
You can contact either by phone. A number of insurance companies also let you request a quote using a form available on their web site.
True, you're not legally required to have home insurance. However, it's important that you protect this
key asset. And it's very likely that your declaration of co-ownership requires you purchase insurance
as a co-owner-occupier. Check it out.
Your home insurance policy covers not only your property and your liability, but also that of your spouse and children.
Your policy also covers:
Dependents who are students
the age of 18
Dependents who are students, even if they do not reside in the principal residence.
Dependents under the age of 18 who live with you
Hover the shadows with your mouse to learn more.
Do you share your home with friends? Have you and your spouse lived together for less than three years?
Then you need to let your home insurer know. The policy must be drawn up in the name of all the individuals
to ensure everyone is adequately covered.