A new wave of young, hip professionals entering the condominium market is changing the nature of condo living into something a lot more chic and expensive.

Condos are being scooped up in record numbers, injecting more modern and expensive furnishings, finishes and décor into dwellings that were once considered the epitome of affordable housing

Today’s condos are equipped with hardwood floors, stainless steel appliances, and granite countertops, not to mention top-of-the-line home theatre systems, gaming systems, and lavish furniture.

The movement toward more elegant condo living matches changes to condo amenities which have moved from the standard swimming pool, fitness centre and 24-hour security to anything from spas and yoga studios to bowling alleys and conference rooms.

“With many of Canada’s professionals (both young and old) increasingly working longer hours and living on the go, the lock-and-leave, hassle-free condo lifestyle has become very attractive to new and existing homeowners,” said Julia Oosterman, RSA spokeswoman. ”Yet with more and more condo owners sprucing up their condos with expensive finishes, it’s important that condo owners make sure they’ve got insurance that will protect all their property in the event of theft or damage.”

Oosterman also notes many Canadians may not realize that the insurance held by the condominium building does not cover the loss of contents within individual units, and, condo living, therefore, comes with unique insurance considerations.

Below are a few things for Canadians to consider before making the move to a condo:

• Will your insurance coverage be affected by limitations of the condo builder’s master policy?
• Have you accounted for maintenance fees attached to your condo?
• Will you require additional protection for your condo and its belongings if you plan to travel for long periods of time?

“Those planning to make a move to a condo should speak with their insurance broker or company to see if their current policy will cover all the aspects of condo living,” said Oosterman. “When it comes to property insurance, it’s always best to be proactive.”

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Matt Duffin
mduffin@apexpr.com
416.924.4442 Ext 237