Condo Insurance
Condos are a great way to start out in the world of home ownership. They’re often smaller than a typical house and come with great amenities. Condos can come with a swimming pool, recreational facilities, gyms, and more. If you’re looking at getting into a condo, you’ll want to also look at condo insurance.
While most complexes offer some basic insurance by default, it’s still good to have your own condo insurance in Ontario. Condominium owners can never go wrong with property damage protection and property insurance.
What is Condo Insurance?
Getting condo insurance covers your entire condo unit and all occupants – over and above whatever your condo company may already offer. You can find many different unique insurance coverage options when you go through good insurance brokers.
Personal Property
Condo owners can get a personal condo insurance policy that covers items and belongings inside the condo unit such as clothing, appliances, and furniture. The basic policy will cover basic things but you also have the option to purchase more coverage for high-value items like jewelry or art.
Emergency Housing
Condo insurance also covers the need for emergency or alternate housing if it needs repair from a covered loss. If a neighbor’s unit catches fire, for instance, and it also affects yours. You may need to live elsewhere while the damage is repaired.
Medical Coverage
If someone is injured on your property or decides to sue you for any reason, condo insurance often helps cover legal fees as well. There are many coverage options here so a good insurance broker will help you find the best solution.
Accidental Water and Fire
You can also add coverage for fire and water damage to your insurance policy, but it’s important to note that it will only cover accidental damage. Fire and water damage can be devastating, but they won’t cover anything if they determine that the damage could have been reasonably prevented.
What it Doesn’t Cover
While all unit owners should have their own insurance, you should be aware of what it doesn’t cover. Most condo buildings have common areas for residents to enjoy. What happens if you are injured using one of these common areas? This is what your insurance won’t cover – but that’s because your condo building itself will have coverage here. The condominium corporation’s policy will cover a range of things should you be injured, or should the property become damaged while using the common areas. Policies can have a range of coverage options, though, so be sure to familiarize yourself with the building’s insurance before you sign anything! Though condominium insurance is a good thing to have – and sometimes mandatory – it also won’t cover things like upgrades and unit improvements. This applies to condo owners as well as those living on a rental property.
Get Your Unique Coverage
Everyone has unique insurance needs and that’s why there are so many insurance products out there – all with something a little different.
Whether you need something standard and basic or curated to our specific situation, we’ll help you find the perfect insurance policy. We can help you find the right insurance products even if you need extra coverage or additional insurance.
Let us match you with an insurance representative who can go over your coverage options and offer a condo insurance quote to get you started.
