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Provides protection against a lawsuit resulting from damaged property or personal injuries.
Referring to 'special limits' on items like jewellery or art if the value is greater than the special limit you should list the item separately.
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Yellowknife, the capital of Canada’s Northwest Territories, is located on the northern shore of the vast Great Slave Lake and offers stunning views of the northern lights in the fall and winter. Despite its remote location, Yellowknife combines a small-town atmosphere with modern conveniences. It’s a hub for job opportunities and unique experiences, where you can witness the midnight sun in summer, marvel at the Northern Lights, and even enjoy a quick lunchtime ski in the winter. Originally built as a gold mining town, Yellowknife now thrives on diamond mining, surrounded by a rugged landscape of rock, tundra, and water.
Have you been thinking about buying a condo in Yellowknife Then you should take a minute to learn about the benefits of condo insurance. Condo insurance is the best way to financially protect your unit and belongings from unexpected events. If you're looking for the best condo insurance Yellowknife has to offer, you should start your search with Surex.
Condo Insurance in Halifax — What You Need to Know
Regardless of the condo association coverage you have, you will need condo insurance to cover the personal contents in your unit. This can relate to property such as furniture, home entertainment systems, and clothing.
Condo insurance protects you from liability. If someone gets injured while at your place, your liability coverage will help you with settlement costs. Be sure to choose a liability limit capable of protecting all your assets. This will help ensure your online quote's accuracy.
Again, depending on your condo association's policy, you can be covered for any upgrades and improvements you've made to your unit.
You can also get a condo insurance quote in Yellowknife to further secure your condo unit, in case your association's coverage doesn't protect you fully against loss or damage.
Yes, while condo insurance isn’t mandatory, if you have a mortgage your lender will require it.
Now, a few tips - your condo association will have a master insurance policy, but it may only cover the basics. Some associations will buy a more a policy that also includes more basic items within each unit, such as appliances, carpets, cabinets, or interior walls.
Always best to find out the scoop, and then chat with your Surex Advisor to figure out what's right for you!
If you own a condo unit in Yellowknife and are planning on renting it out, you should chat with your Surex insurance advisor about purchasing a landlord insurance policy.
Landlord insurance differs from condo insurance as it protects the property owner from various unique landlord-related risks, like lost rental income.
Rental income coverage: This coverage ensures that if there is a loss related reason that their tenants cannot stay living in the condo, like fire or water damage, then Rental Income coverage will pay the condo-owner their rent money until the tenant can move back in.
Damages coverage: If your tenant causes damages to your condo, the policy will extend to cover the cost of the repairs. For example, if the tenant drops a towel on a hot stove and it catches fire doing damage to the kitchen, for insurance to respond the condo-owner would need to make sure that they had a Landlord Condo insurance policy. If the condo wasn't insured properly on the Landlord form, the insurance policy would not respond and the condo owner would be required to pay for the damages themselves.
Liability Coverage: If your tenant causes damages to the building itself -exterior or interior common spaces - the condo corporation will come back against the owner of the condo to pay for the damages. The condo-owners policy will only respond if it is insured on a Landlord form.
On average, condo owners can expect to pay between $30 to $50 per month – or $400 to $600 per year – for a condo insurance policy.
The average cost of condo insurance is approximately $30 to $50 per month, but the rate you'll be paying depends on a multitude of factors. To find the exact cost for yourself, be sure to compare personalized quotes with us using our condo insurance calculator.
Condo building insurance is different. This is purchased by the condo corporation to cover damage to the building and the common areas and liability on the property. This is usually included in the monthly condo maintenance fees.
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