Rented Condo Insurance – When you own a condo that you rent to tenants, you need insurance to help fill in the gaps that the condo association insurance leaves behind. This is a type of landlord insurance that is done on a case-by-case basis to make sure the coverage is just right.
Condo deductible assessments
As a unit owner, if the building suffers a loss, the condo corporation may assess each unit owner a portion of their insurance deductible. In cases where the loss arises from your unit, you could be responsible for the entire deductible. There may also be times when the condo corporation can’t, or chooses not to, put in a claim with their insurance policy, such as when a loss is below their deductible, it’s not covered by their policy, or it affects only your unit. The costs in these situations will come out of your pocket unless you have the right insurance!
Condo property damage assessments
Condo property damage assessments occur when the strata corporation does not have sufficient insurance to repair damage to the condo building. If there is a large loss, any shortfall in the building insurance will be assessed proportionately to the individual unit owners. This is a very important optional coverage to consider!
Condo liability damage assessments
If a visitor is seriously injured on the common property (slips on the icy sidewalk or the wet floor tiles) and sues the condo, the condo’s insurance will normally respond. If the injured party is awarded an amount higher than the limit of insurance carried by the condo, then assessments will be made against the individual unit owners.
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