Whether you are a renter or a homeowner, there are many forms of insurance available to protect yourself from unexpected losses related to property damage, lawsuits, and other unforeseen events. Read more about the most common types of insurance within the three main categories:
At a high level, home insurance is typically divided into three types of coverage: physical damage, liability coverage, and additional living expenses.
Physical damage covers damage to your home and other structures, e.g. garages, sheds, fences, and decks, as well as your personal belongings and furniture.
Liability coverage helps cover your legal expenses in the event that a member of your household is sued for injuring another person or damaging their property.
Additional living expenses coverage can help cover the costs of your accommodation, transportation, and food in the event that an insured loss forces you from your home.
In addition to these popular types of coverage, there are many add-ons that may be important for you to consider. To give just a few examples, some homeowners also purchase special valuables coverage, home-sharing coverage (i.e. coverage for those who rent their homes through platforms like AirBnB and VRBO), and earthquake coverage.
Condo corporation insurance policies of typically only cover the building structure and common property. For that reason, condo owners will typically choose to protect themselves with physical damage, liability, and additional living expense coverage just like any other homeowner.
However, it is crucial to note that there other forms of coverage that apply specifically to condo owners, including loss assessments and deductible assessments.
Loss assessment coverage can help cover unexpected expenses if there is a loss in the building and the condo corporation’s insurance does not cover all the costs.
Deductible assessment coverage can pay your portion of the condo corporation’s policy deductible if unit owners are required to do so.
As a tenant, you are vulnerable to many of the same legal risks as your landlord. Our advisors can assist you by reviewing your tenant insurance policy to ensure that you have adequate coverage for personal property, personal liability, and additional living expenses.
