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This coverage is designed to protect your interest in your unit if your condominium corporation has no insurance, its insurance is inadequate, or it is ineffective. So if a loss happens and your condo board’s insurance isn’t going to cut it, they will assess the remaining cost of the damage back to you. Contingent insurance will respond if something usually covered by your policy causes damage.
This coverage responds when there is a loss to collectively owned condo property, and the condo corporation’s insurance isn’t enough. For example, this coverage protects areas like parking lots and pools. If your condo corporation’s insurance does not cover the total cost for the repair, it will assess the cost of the damage back to all the unit owners.
This coverage helps financially support you if you cannot stay at your current residence due to an insured loss or a claim due to repairs. Additional living expenses can help compensate for alternate accommodations and other costs associated with maintaining your standard of living when you’re suddenly uprooted from your home.
Do you have a mortgage? If yes, you might have also signed up for a form of Life Insurance! Often referred to as Mortgage/Creditor Insurance, this type of coverage is designed to protect the bank if the worst should happen. Find out about the difference in coverage when you have a policy designed to protect you and your assets.