With the condo market booming across the country, millions of Canadians are making the switch from traditional houses to convenient, and often affordable, urban living. While the condo life can be perceived as hassle-free and simple, many Canadians are lacking knowledge in one specific area: condominium insurance.
“As more and more clients approach me about condo insurance, it is becoming increasingly apparent that there isn’t much out there to educate Canadians about what is covered under their condo corporation’s insurance policy and what they need to be aware of,” says broker Mark Shedden from Atrens-Counsel Insurance Brokers Inc. “Insurance is a crucial step in any real estate purchase, especially condominium insurance because of its complexities, and buyers need to be aware of the risks and how to avoid them.”
According to research conducted by insurance provider RSA, most consumers do not understand what condo insurance is all about and the type of policy they need in order to be properly covered. While most buyers concern themselves with contents coverage, water damage, low premiums and liability coverage, they are not always aware of what they own, and consequently don’t understand what they need to insure. For example, many people don’t know what has been upgraded in their unit, especially if they are not the original owners. In addition, many Canadians do not understand the concept of “assessment” and that they can be held partially responsible for “common areas” if repairs are required, and the condo corporation doesn’t have adequate insurance or a large deductible.
You can learn more about condo insurance and what is right for you, by visiting the RSA broker locator tool online at www.rsagroup.com
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