Condo Insurance Deductible: How to protect yourself
October 7, 2014
If you’re thinking of buying a condo in Toronto, here’s an informative article from Mark Weisleder on how insurance works should something go awry in your building and there is damage to your suite or other unit owner’s suites.
The condo corporation carries insurance, but not only does it not cover any improvements you may have made to the unit, there is also a deductible. Weisleder writes that deductibles are usually from $5000 to $10000, but there is insurance available to cover the gap.
He offers some very realistic scenarios and the consequences (pipes bursting, overflowing bathtubs, etc) which give a solid argument for why you should make sure you’re covered in case of an accident.
Click here to read the full article