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How condo insurance works

– moneysense.ca

Condo insurance is a smart decision. Regardless of whether you just purchased a brand new loft or a cozy older suite, you’ll need to make sure your asset is protected. 
While condominium insurance is not required by law like car insurance, often mortgage lenders or your building will require you to have it. And while the extra payment can take up cash flow, remember that this coverage can save you money in the long run, should you suffer an expensive loss. Where it gets tricky is how the insurance works in tandem with your condo corporation’s policy. Read below for a simple explanation.
What is condo insurance?
Condo insurance is a personal policy that protects your individual unit and rounds out the coverage you automatically get from your condo corporation.  Here’s how condo insurance works: The condo corporation’s insurance will protect common spaces and amenities like gyms, pools, lobbies, hallways and elevators. Your personal policy will cover what’s in your unit, including personal property, the cost of repairs, the expenses involved in living elsewhere during those repairs, and liability should someone get injured in your unit…

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