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Why condo owners need insurance coverage

By Robert Hof

A recent study commissioned by Allstate Insurance demonstrated that many new condominium buyers are confused about the need to obtain a separate insurance policy to cover their unit and belongings after closing. These buyers believe that the condominium insurance policy will protect them. This is not true. While the condominium insurance will cover the building and the common elements, it does not generally cover any improvements you make to your unit, your contents, any liability if someone gets injured in your unit or if a damage such as a leak starts in your unit and damages another unit. In addition, you may still be responsible for any deductible amount in your condominium building coverage as well.

The good news is that there are policies of insurance that can be obtained to protect against all of the above noted occurrences, including coverage against certain special assessments that may be imposed as a result of damages to the common elements.

Please read the attached article to learn more about this:

http://www.thestar.com/business/personal_finance/2013/09/06/why_condo_owners_need_household_insurance.html

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