Looking to make a move? Similar to a home insurance policy, condo insurance has certain insurance coverages soon-to-be owners need to understand.
It’s also important to know the difference between insurance for the condo association versus insurance for the condo owner. Shopping around can be overwhelming, that’s why our team of brokers is committed to helping you find the right condo coverage to protect what matters.
At Orr Insurance & Investment, we understand that your condominium is more than just a place to live; it’s valuable and one of the biggest investments and a part of your life’s journey. Condominium protection and the things that matter most to you are crucial. That’s why we offer comprehensive condo insurance solutions tailored to meet your unique insurance needs across Canada.
Not all condo insurance policies are the same, and it’s important to make sure that your policy includes all of the protection you need. When you purchase condo insurance, consider whether you need the following:
Personal Property – Protects “your stuff” and all of the contents inside your condo. Items can be anything from clothing to furniture. You should have enough coverage for your personal property value, any improvements and betterments that you have acquired or made as well as coverage for the condo corporation’s deductible at the very minimum.
Third-Party Liability – In simple terms, liability insurance covers legal matters in relation to your property. Liability coverage comes into play when you or a family member has been found partially or wholly responsible for third-party property or personal injury damages due to an accident in relation to your property. One thing that property-related personal liability does not cover is anything to do with a vehicle. It is important to ensure that your policy has enough coverage to protect all of your assets. If you have significant assets like a farm or business you may want to purchase an umbrella liability policy. If you have questions about umbrella liability please contact your broker.
Additional Living Expenses – Covers expenses like food, hotel and anything you would be forced to pay over and above the usual cost of living in your own unit when you are prohibited from returning or are unlivable as a result of insured damage. Some examples of additional living expenses are:
Payment for the Unit Owners’ share of special assessments against the Owners made necessary following direct loss to the Condominium Corporations’ property caused by an insured peril under the Unit Owner’s policy.
Payment of the Unit Owners’ share of an additional assessment where the loss or damage to the owner’s unit is the result of an act or omission of the Unit Owner. The amount will be the lesser of the cost of repairing the damage or the deductible on the Condominium Corporation’s insurance policy. Payment of the Unit Owners’ share of an additional assessment where the loss or damage to the owner’s unit is the result of a circumstance included in a by-law passed by the Condominium Corporation to deal with this issue. This means that there will be a contractual response to the additional amount added to the charge for the common expenses.
Whether you are an experienced homeowner or a first-time condo owner, Orr Insurance & Investment is your trusted partner for condo insurance in Canada. Our purpose is to safeguard your residence, personal possessions, and tranquillity. Make use of these strategies and immediately start saving money on your condo insurance.
Personal belongings, protection against liability, additional living expenses, renovations or unit upgrades are typically covered by condominium insurance. However, the additional coverages can vary, so it's essential to review what your policy provides and discuss it with your insurance provider.
Condo insurance is not legally required by the government in Canada, but it's often a requirement set by condo associations or boards. Even if not mandatory, having condo insurance is highly recommended because it protects your personal property and provides liability coverage, which can be crucial in case of accidents or unexpected events.
Condo insurance premiums fluctuate based on a number of variables, including the location of the condo, the full value of its contents, the coverage limits selected, and the insurance provider. The average cost of apartment insurance in Canada is between a few hundred dollars and over a thousand dollars a year. For an accurate condo insurance quote, it is advisable to communicate with insurance providers and furnish them with the requisite policy details.
Several factors influence the cost of condo insurance premiums in Canada, including the location of your condo, the age and condition of the building, the coverage limits you choose, your deductible, and the full value of your personal belongings. Additionally, your insurance history, claims-free record and any security measures you've implemented in your condo can impact the insurance premium. If you want an estimate that is more precise, you should talk to your insurance company about your specific case.
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