Quote:
Originally Posted by photon
CMHC charges are for the mortgage insurance (CMHC provides mortgage insurance). That should be the only insurance from your mortgage broker, the lender might offer life insurance with their mortgage but like I said I'd decline that and get a better life insurance for a lot less from a normal life insurance seller.
For a condo, you don't really need insurance for the building; your condo fees pay for that. And you won't need content insurance because your stuff won't be there (as an aside, require that any tenant living there has content insurance, have them fax you a copy of their insurance to confirm it, helps get good tenants and covers your butt).
I think we have some insurance on our condo anyway just in case the tenant damages something inside like an appliance or breaks the granite or something.
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a) yeah, I think you're right - that's the only insurance that's spread out with my amortization.
b) nope, I don't think they've offered any life insurance.
c) my friend, the insurance broker was bringing up some interesting scenerios that seemed to be leaning in the favour of extra insurance. Like a huge deducatble if the place burns down, the the condo board wouldn't cover. She also used to sell condo's. Said that there are some situations where the replacement (owner out of pocket expenses) costs will end up being astronomical for things like fires etc.
d) content insurance. Yeah there is one I don't need
3) them having insurance, great idea!