My New Kitchen isn’t Covered?
Since moving into your condo, you’ve made some expensive improvements – and much to your surprise, you just found out that they aren’t covered.
In Ontario, each condo corporation gets to determine what and how they will define what a “standard unit” is – there is no standardized legal definition. As a result, that $35,000 kitchen renovation you just finished might not be covered in the event of a total loss.
Here’s what you need to confirm.
Determine exactly what the corporation coverage excludes before purchasing your personal condo insurance so you’re not under insured – or paying for coverage you don’t need.
Improvement & Betterment Coverage will protect your investments in condo upgrades over and above the condo association’s “standard unit” insurance coverage.
For example; in the case of fire the condo corporation policy might cover finishes and replacement costs up to $125,000 per unit. However, if you’ve made significant improvements to your bathrooms, basement or kitchen, replacement costs may have easily jumped up to $175,000. That means without Betterment Coverage your $50,000 investment may have just gone up in smoke.
When setting up personal coverage in conjunction with an existing condo corporation policy it’s important to have an expert evaluate both to ensure your coverage is balanced between the two policies.
To explore your Betterment Coverage options, or to book an appointment to evaluate your condo corporation policy with an expert give us a call at 1 (888) 298 7343.
To learn more about Betterment Coverage and Condo Insurance, click here.