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The good news is that your out-of-pocket costs may be limited thanks to condo or renters insurance. But it’s important to know what to expect. When the damage comes from you
If a covered peril occurs and your belongings are damaged, you can file a claim with your insurance company. Note that most HO-4 policies include a deductible. So, your insurance company will help ...
In order to file a claim to repair and replace your damaged property, you must document everything. You should: Take photos and videos of the damage to your property.
The remaining 21.3% of home insurance policies were covered by renter's or condominium insurance. 14.8% of these had the HO-4 Contents Broad form, also known as renters' insurance, which covers the contents of an apartment not specifically covered in the blanket policy written for the complex. [13]
Renters' insurance, often called tenants' insurance, is an insurance policy that provides some of the benefits of homeowners' insurance, but does not include coverage for the dwelling, or structure, with the exception of small alterations that a tenant makes to the structure.
Historically, due to the rarity of flooding in Canada, it was the only Group of Eight member state not to offer some form of flood insurance. [16] Partly in reaction to the 2013 Alberta floods, [16] flood water protection offerings have been introduced as overland water protection [17] or overland flood insurance. [18]
Renters insurance commonly covers around $30,000 in property damage and $100,000 in liability coverage. Keep in mind that you may need more or less, depending on the value of your personal property.
In insurance, the insurance policy is a contract (generally a standard form contract) between the insurer and the policyholder, which determines the claims which the insurer is legally required to pay. In exchange for an initial payment, known as the premium, the insurer promises to pay for loss caused by perils covered under the policy language.