There are plenty of options to consider when deciding what type of home is right for you. Many who want to stay close to the city or live in a communal environment purchase condos, as they offer the opportunity to own property in a way that better fits their lifestyles. When purchasing a condo, making sure it’s properly protected with a comprehensive insurance policy is a crucial part of smart financial planning and protecting your investment. Below, we break down what HO-6 insurance is, what coverage you can expect to receive and all the add-ons available to expand your policy. Key takeaways: Condo insurance works by protecting any damage to the internal structure of your condo, as well...
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What is an HO-6 Insurance Policy? An HO-6 insurance policy provides protection to the internal structure of your condo, as well as your personal belongings and liability. When used in tandem with your building owner’s insurance plan, you can receive full coverage for every aspect of your condo. When purchasing a condo, making sure it’s properly protected with a comprehensive insurance policy is a crucial part of smart financial planning and protecting your investment. You should also check what your homeowner's association or building owner will cover, so that you don’t purchase coverage or make a claim on items and structures you aren’t responsible for repairing. Below, we break down the...
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Do you like living near the ocean? There's nothing like the smell of salt water in the air and the hypnotic vision of ocean waves, as they forever come at you. Living on a lake is also special as you are close to all kinds of fun water activities. Condo life near the water is the dream of many people because condos require little home maintenance. However, waterfront condo insurance is quite different from standard homeowner policies and is also different from standard condo policies. If you are not aware of these differences it could cost you dearly. Let's take a look at the example case of George and Mira B. George worked very hard for 40 years and he wanted to retire by the water. George...
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Condos are available in all shapes and sizes, with different features and layouts. If you purchase a unit in a building under development, you can choose your own fixtures and appliances to make it your dream home. The variety in condominium options makes it easy for anyone to find one that fits their tastes and needs. Many people choose to live close to the North Saskatchewan River valley park system as it is the largest urban park system in North America. Edmonton’s network of river valley parks spans both sides of the river along its entire journey through the city limits. It adds a great deal to the quality of life available to all Edmontonians. It’s a beautiful area the...
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If you are considering buying a condo unit for the ease of maintenance, the quick commute to the city, or the great amenities that come with the association, you are not alone. Many people of all ages choose condo living because they don’t want to devote their free time to upkeep, but they love the “extras” that come with the unit, like a pool, fitness room, or tennis courts. It is true that condo living is very unique and can make life a little more simple in the long run. There are some distinct differences, however, that make condo living a little more complex than single residence living. For example, insurance for condo living is broken into two main areas: the individual unit...
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Home/Renters Insurance Center Get The Best Condo Insurance Coverage Article 3 of 3 in Insurance for Renters, Landlord, and Condos Condo insurance coverage provides protection for the unique aspects to living in a condominium that require different home insurance. Condo insurance coverage is tailored to meet the needs specific to condo ownership, so be sure to get the right policy for your condominium. TIP: Condo HOA associations insure the building and common areas, but any damage to your unit and its contents are your responsibility. Get condo insurance coverage to protect your personal belongings and the inside of your unit! Coverage Included in Condo Insurance Coverage To determine your...
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A Brief Guide To Condo Insurance The ownership structure of a condominium unit is different from that of a single family house. Here’s what you need to know when purchasing insurance for your condo. Since the ownership of all common areas is shared with other condo owners, the association of owners typically purchases insurance coverage (a master policy) for the common areas, e.g., hallways, exterior walls, etc. The condo association’s policy will outline what is covered and what is not. There are three basic types of coverage under a master policy. Primary buildings and common areas Your unit and any items within your unit, other than personal belongings Building, unit,...
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HO-6 Insurance: Everything You Need to Know About Condo Coverage There are plenty of options to consider when deciding what type of home is right for you. Many who want to stay close to the city or live in a communal environment purchase condos, as they offer the opportunity to own property in a way that better fits their lifestyles. When purchasing a condo, making sure it’s properly protected with a comprehensive insurance policy is a crucial part of smart financial planning and protecting your investment. Below, we break down what HO-6 insurance is, what coverage you can expect to receive and all the add-ons available to expand your policy. What is HO-6 (condo) insurance? HO-6 insurance...
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Comprehensive Condo Insurance Quotes Are you looking to get a condo insurance quote for a residential condo unit in Edmonton? ARC Insurance Brokers is a provider of comprehensive condo insurance policies from top Canadian insurance companies. Start a quote today and cover your home and family. Cover your belongings, unit upgrades and customizations, living expenses, lawsuits, and more. Coverage beyond the condo association's policy Many first-time Edmonton condo owners are unsure about whether they need condo insurance for their new home - after all, doesn't the condominium corporation carry insurance, paid for by the condo fees? The answer may surprise you - although you may be paying...
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Understanding Condo Insurance: Types & Coverage Explained For those who have just bought a condo or are planning to rent one, condo insurance might be a challenging decision. Most of the costs in a condo will be for maintenance and protection of the common areas that the building has. However, what about the unit that you have rented or own? You will require a personal condo insurance policy. Here is everything that you need to know about this topic and which one is the best pick for you. What is Condo Insurance? The owner or the tenant will have to purchase insurance to protect their personal belongings or improvements that one might need to make. The insurance will protect you from...
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