Condo Insurance

Legally, it’s actually not required in Canada. But if you have a mortgage on your condo, your lender will require you to show proof of condo insurance. 

Also if you don’t have condo insurance, you would be responsible for covering the cost out of pocket if something unexpected happens to your unit or your belongings inside. 

The good news is, condo insurance is often more affordable than traditional home insurance. The even better news is, we can be your free  insurance advocate and help make sure you have the right coverages for your property.

Many condo owners mistakenly believe that they’re protected by their condo corporation’s insurance policy. Not true.

The Condo Corporation’s master policy will cover common areas and the building itself – things like the lobby, elevators, or amenities like a gym. Knowing where a condo corporation’s insurance coverage ends and where your policy coverage begins is critical to protecting your investment, but it can be difficult to understand. 

With the help of our experienced Specialists, we can look critically at what your condo corporation offers, and adjust your own condo insurance policy to fill in the gaps where needed. Sounds hard but together, we got this.

To get the best price and the right coverage, we’ll need some information about you and your condo. Besides the coverage limits of your Condo Corporation’s master policy, questions you may need to answer include:

• When would you need your coverage to start?

• Where is your condo located?

• What is the age of your condo?

• What is the total value of your belongings in the condo?

• Have you made any improvements to your unit you need covered?

• What is your insurance and claim history?

Insurance companies determine rates differently for different insurance products. For condo insurance, some factors that affect your premiums are:

• Where you live

• The value of your belongings kept in your condo

• Materials used to build your condo

Most condo insurance policies come with certain standard coverages designed to help you repair damage or replace belongings if something unexpected happens or help cover costs if you are sued if someone gets injured on your property, or you accidentally cause damage to someone else’s. These coverages often include:

• Contents or personal property coverage

• Liability coverage

• Additional living expense coverage

• Special coverage for improvements or upgrades made to your condo

There will also be limits and additional coverages you can include, or increase based on your needs. It may be important to add special protections for your home. You may want to add protection for sewer backup or overland water – that’s damage that occurs when water enters your home due to a body of water overflowing from heavy rains or rapid snowmelt. On the 32nd floor? Probably not a concern. 

Did you know that your personal belongings can be categorized with a maximum value or individual limits on how much you can claim for certain items? 

It’s also critical to look at what your condo corporation offers and doesn’t offer. Complicated? Yes, but our Specialists have the knowledge to be able to look critically at what your condo corporation offers and adjust your own condo insurance policy to fill in the gaps where extra protection is needed. Easy peasy.

Like we said, shopping for insurance is not fun. So think of us as your insurance partner. We’ll do everything we can to make getting the right coverage as smooth, simple and painless as possible. We know every insurance situation is unique, so we know the important questions and will learn about you to make sure your policy gives you the protection you need.

We’ll also cut through the industry jargon to make sure you understand your policy, and help you navigate optional coverages to recommend additional options you may want or need. 

With condo owner insurance especially, there are a lot of options, and it can be overwhelming to research. An insurance Specialist will help you build the right policy for your situation. As your needs change, your broker will also help you update your policy so you stay covered.

An insurance Specialist is also aware of discounts offered by insurance companies and can recommend combining products to save you time and money. In fact, some insurance companies and their products are only available through an insurance broker. Bottom line? We can save you money too.

If you need to file a claim, it’s okay, don’t worry, we’ll do it with you. We know accidents and claims happen, we’ve seen and heard it all. As your insurance partner and advocate, we will help you through it. Call us at 1-833-745-0299 and we’ll be here to help you navigate the situation, 24/7.