Ontario Co-Op Housing Insurance
Co-Op Housing Insurance is a combination of homeowners insurance policies that you should take out for your housing cooperative. You need the proper insurance protection if your organization owns one or more properties where a member of your organization occupies a part of that property. One of the greatest benefits of a Co-Op Housing policy is that it allows all of the members of the organization to pool together their resources in order to either receive a bulk discount from an insurer or provide their own coverage.
What Is The Difference Between A Housing Cooperative And An Apartment Building?
Cooperative housing is typically an apartment building. In this situation, the cooperative would be the owner of the whole building and each member has an agreement which allows them to live in one of the apartments. This circumstance is a little different than the more conventional housing arrangement where the people have outright possession of their apartment, yet do not have any involvement or stake in the remaining areas of the apartment building.
There are a number of important differences between the ownership of a standard apartment and a housing cooperative. For instance, the members of a housing cooperative are able to make the decision as a group regarding who is and is not allowed to move into their building. This is not a power that the owners of standard apartments have. By being a member of a housing cooperative, the people have more of a say so in the way that the building is maintained and managed.
Insuring The Entire Group Or Single Policies
The simplest form of Co-Op Apartment Insurance available in Ontario involves each of the policyholders agreeing to invest in the Home Insurance as individuals through the same provider. Since this means a higher level of total business, it may be possible to negotiate for the most affordable insurance premiums.
On the other hand, the members of the housing cooperative may also choose to act as a group and only take out one policy that covers the entire building. This is the more complex form of Co-Op coverage that Bethel Insurance Brokers offers.
In some instances, this policy will cover the members' personal possessions. However, the primary goal is to obtain coverage for risks that relate to the entire building as a whole. This will often include any damage to the building from a natural disaster of fire. The policy may also provide coverage for legal expenses for liability claims for injuries sustained by visitors to the property, such as someone slipping and falling on the communal staircase.
Why You Need Co-Op Housing Insurance
If you are a titleholder in a co-op and the association or corporation has coverage, you may think that you are covered. Unfortunately, that is not likely to be the case. Your cooperative housing association's insurance will cover the building, any property that is commonly owned and liability coverage for the group.
However, there are a number of things that the associations insurance will not cover, such as:
- Loss that you suffer in your unit due to a breakin/burglary
- Damage from smoke that ruins walls of your newly remodeled kitchen
- An physical trauma that is sustained by a guest that you have over who may fall over something on your floor
These are only a few reasons that you need to invest in coverage that is designed to meet the specific needs of a co-op owner. The experts at Bethel Insurance Brokers will take the time to get to know you and your situation to help you determine the coverage that is right for you.
What Is Covered By A Co-Op Apartment Insurance Policy?
In most situations, a Co-Op Housing policy will cover the exterior of the building and commonplace areas. This means that you will be required to insure your fixtures, such as lights, countertops and sinks, also including liability exposures, interior walls and any personal property.
That is why having the right policy makes all the difference. With this type of insurance policy, all of your belongings within your unit will be protected. In addition, you will have protection against claims of liability due to the property damage or bodily injury of others.
The best thing about a Co-Op policy is the ease of obtaining a policy. Getting a no obligation quote that will provide you with all of the coverage that you need is incredibly simple. All you have to do is click on the quote request button now.
Even if you are not certain how much your possessions are worth, your broker will be there to help you estimate the value of the contents within your cooperative housing unit. Your broker at Bethel Insurance Brokers will help you get the best possible rate for your Co-Op Apartment Insurance policy. In addition, your highly trained broker is here to answer any questions that you may have and make certain that the coverage you purchase is tailored to meet your exact needs.