At Hillis Insurance Agencies Ltd., we can help you protect your condo with our customizable condo insurance policies specially put together to meet your needs. Our condo insurance plans allow you to personalize your limits, coverages and deductibles. With Hillis Insurance Agencies Ltd., you can choose exactly what you want to insure and how much you want to insure it for. Rely on us for condo insurance in Winnipeg.
Our policies also make it easy for you to protect your possessions from common perils like damage from fire or theft. With our customer-centric and comprehensive policies, we strive to provide you with complete peace of mind.
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A condo insurance plan essentially provides coverage against damage and repair costs for a condominium unit. Condo insurance protects against unforeseen hazards such as theft, vandalism, fire damage, water damage, and more. Whereas, a standard homeowner insurance policy only covers your house, yard, associated structures, private property and liability. A condo owner insurance policy goes a step further and provides coverage for the actual building.
Condos often have an association that coordinates the details relating to the condo, including the management, purchase of insurance and more. The association is also responsible for the exterior of the building.
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Deciding what type of insurance coverage you need as per your condo requirements depends on the type of ownership, such as standard type condominium and bare land condominium. In a standard type condominium, the condominium corporation covers buildings and other common elements like the pool area and more. For a bare land condominium, you insure the building on your own, and the condominium corporation will insure elements like common hallways, pool areas, additional buildings and more. You must consult your property manager to determine what type of condo you own.
Your corporation’s insurance covers insured losses to the condo building and common property, but it does not cover your personal contents, liability or improvements to your unit. That’s why purchasing additional coverage in the form of condo insurance is so important. On the other hand, your condo insurance typically provides coverage related to your household items, valuables, contents or personal property such as clothing, appliances and furniture. The condo insurance also covers additional living expenses, third-party liability, improvements and betterment cost, loss assessments and contingent coverage.
When it comes to condo insurance, it’s important to remember that a condo corporation will mostly not protect your personal property or pay for your living expenses if you are displaced following an incident.
Before purchasing your unit, you must ask for a copy of the condo corporation’s insurance agreement. This will allow you to better understand your responsibilities and the amount you need to pay for any deductibles. Call us today for a quote.
At Hillis Insurance Agencies Ltd., we can provide you with customized insurance policy coverage to protect and safeguard your condo against all kinds of hazards. Based on a comprehensive assessment of your specific requirements, we can provide you with reliable condo insurance in Winnipeg.
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