Insurance
Insurance on the entire
condominium development is the responsibility of
the condominium corporation. The corporation
should place "all risks" property insurance
coverage on the units and the common property.
Consider checking the
policy for exclusions. You may want to find out
if the insurance covers the replacement cost of
the units and the common property. Your portion
of the cost of the insurance purchased by the
condominium corporation is usually included in
your monthly condominium fees. Check this with
the condominium corporation. You will probably
need to buy your own insurance on improvements
made to your unit. You should also have
insurance to cover personal liability and the
contents of your unit.
Ask your agent
for more information.
Condominium fees
You'll
pay a yearly or a monthly condominium fee. This
money is used for administration costs and for
the maintenance, repair, and replacement of
common property. Fees are set by the board,
based on budgeted needs and your unit factor.
Most condominium fees must be paid monthly. Some
apartment Condo fees include heat and hydro. If
you are purchasing a new unit, make sure that
the current condominium fee is stated in your
purchase agreement. Be aware that condominium
fees can and do go up!
Go to
www.coreguelph.ca to register for all
Guelph Condo listings as published
Mike
Halley-2010
