Home Insurance for Your Barrie Condo: What You Need to Know

As a condo buyer, you may be under the impression that you don’t need household insurance because it’s covered by your monthly expenses; however, it’s important to know that this usually isn’t the case.

While condominium corporations in Barrie carry insurance on the building, the policy does not cover everything and there are deductibles that come into play. For example, if you experience a leaky pipe or fire, as a condo buyer you may be responsible for the damages incurred, and not the condominium’s insurance policy. Sure the policy may cover a portion of the loss, but you will likely be held responsible for the deductible.

A building insurance policy will generally look after common areas in the building, like the lobby, elevators, and structure of the building but it does not include personal belongings of the home owner. Furthermore, it doesn’t include any renovations/upgrades to your unit, damage to your unit or someone else’s, and any injuries one may experience while visiting your unit. The positive news is that you can purchase insurance to protect yourself from liabilities associated with upgrades.

When it comes to repairs and general maintenance inside the unit, keep in mind that you are typically responsible for these aspects as an owner. Because of this, it’s recommended that you have your Barrie condominium inspected by a home inspector, to verify that everything is in good working order. This includes the plumbing, HVAC, and any other systems that you will be held accountable for, should any problems occur that require fixing.

Ensure that you have done the necessary research prior to buying your next condominium. Consult with the management company to verify what is covered and what’s not, and feel free to arrange a free consultation with Will Marshall Insurance in Barrie. We’ll assist you in determining what home insurance plan is ideal for your unique situation. At the end of the day, when you purchase appropriate home insurance for your Barrie condo, you don’t have to worry about the potential of unforeseen surprises or assessments if something occurs down the road; it’s simply in your best interest to be prepared thoroughly, prior to moving into your new Barrie condominium.

Home insurance is more than just protecting yourself from unforeseen incidents – it’s about peace of mind. Will Marshall will work with you to supply you with the coverage you need, at a price you can afford. Ask us how to bundle your Home and Auto insurance for additional savings! 705-726-2551

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