Home & Decor

Preparing for the unexpected

65255H(NC)—Most of us look forward to the holidays as a festive time filled with laughter and the warmth of having family nearby to indulge in merriment. Yet, it’s also a time of extraordinary expense.
We all dread the January credit card bill or monthly bank statement showing just how much we’ve spent and just how little we have left. And, for those of us who haven’t planned ahead and spread out the cost, holiday shopping is a major expense at the end of the year that we often forget to plan for. Imagine for a moment that in the midst of all those expenses, the unexpected occurs — a flood, a fire, a holiday party that goes awry.  Would you be financially secure if the unexpected were to happen in the midst of the holidays?

Most homeowners are protected by their home insurance policies against such unfortunate events, but many condo owners remain vulnerable. Insurance rules for condos are not the same as houses and many condo owners mistakenly believe their condo corporation’s insurance will cover the property within their individual unit.  If you are unsure about your condo insurance, speak with an insurance broker.  A list of qualified brokers can be found through a broker locator tool on www.rsagroup.ca. You can also use the following questions when speaking with your realtor, lawyer or property manager before you purchase a condominium to provide clarity on how much protection you have under your condo corporation’s insurance policy and what you need to be aware of:

1. What does the condo corporation’s insurance cover and, more importantly, what doesn’t it cover?
2. What is the deductible in the corporation’s insurance policy?
3. If there is major damage to your building, is it possible that you would have to make an additional contribution to cover the deductible of the condo corporation’s insurance policy?
4. Are you responsible for the full cost or repairs to another condo, or the full deductible on the corporation’s policy if, for instance, your dishwasher leaked or your bathtub overflowed and damaged the unit below?
5. How is a “standard unit” defined by your condo.


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Canadian Home Trends magazine gives you a personal tour of the most stunning homes and condos across Canada. You'll be inspired by a selection of accessible home décor products, trend reports, simple yet stylish DIY projects, and much more. In each issue, you are given the tools to recreate designer spaces you've always dreamt of having at home, in-depth renovation and design advice, colour palette and furniture pairings, and Canada's best places to shop.