What is Property Insurance?

Hi there, luv! Property Insurance is a form of insurance, the benefits of which, when payable, are used to pay the outstanding loan of the insured, and/or to cover the expenses in case of partial damage/loss of the property used as collateral to the loan. Our property insurance is different from the existing Property Insurance provided by the condo developer, which is for the structure and standard deliverables of the developer. Our insurance is not a duplication of that, but rather it is on the content and improvements the owner has added to the unit. To keep things simple, your unit is covered based on the amount of the loan. In case of complete damage/loss of the property, having Property Insurance will secure full payment of the outstanding loan. XOXO