Insurance for Apartment Living

What is cov­ered by apart­ment con­tents insur­ance?

• Dam­age to the con­tents in your apart­ment due to events such as fire, storms, or theft.
• Con­tents away from your apart­ment stored in com­mer­cial stor­age facil­i­ties.
• Per­son­al belong­ings such as fur­ni­ture, cur­tains, inter­nal blinds, car­pets, elec­tri­cal appli­ances, clothes, shoes, and hand­bags.
• Most insur­ers have the abil­i­ty to com­bine home and con­tents cov­er under one pol­i­cy.

What is not cov­ered by apart­ment con­tents insur­ance?

• Stra­ta insur­ance does not cov­er your par­tic­u­lar unit, whether it be a con­do, town­house, sin­gle-fam­i­ly home in a stra­ta com­plex, etc.
• Stra­ta insur­ance excludes any con­tents, fix­tures, or fit­tings that have been installed by the unit own­er.
• Wear and tear of your belong­ings, dam­age caused to com­put­ers result­ing from a virus, and fix­tures attached to your home are not cov­ered.

Fac­tors that affect apart­ment con­tents insur­ance pre­mi­ums

• The val­ue of your belong­ings.
• The lev­el of cov­er­age you need.
• The loca­tion of your apart­ment.
• The amount of excess that you choose to pay upon mak­ing a claim.
• The insur­ance claims his­to­ry of the stra­ta scheme.

When choos­ing a pol­i­cy, it’s impor­tant to con­sid­er the val­ue of your belong­ings and the lev­el of cov­er­age you need. You can buy insur­ance for just your belong­ings, or you can com­bine them with build­ing insur­ance. Many insur­ers offer dis­counts for com­bin­ing your cov­er. The cost of apart­ment con­tents insur­ance depends on fac­tors such as loca­tion, lev­el of secu­ri­ty, and how much you’ve insured your prop­er­ty for. It’s also impor­tant to check what events are cov­ered by the pol­i­cy, as the list of insured events varies among insur­ers and poli­cies.
In sum­ma­ry, apart­ment con­tents insur­ance cov­ers the finan­cial pro­tec­tion for your belong­ings in case of dam­age or loss due to insured events. When choos­ing a pol­i­cy, it’s impor­tant to con­sid­er the val­ue of your belong­ings, the lev­el of cov­er­age you need, and what events are cov­ered by the pol­i­cy. It’s also impor­tant to check what is not cov­ered by the pol­i­cy.