Looking to make a move? Similar to home insurance, 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 are committed to helping you find the right insurance to protect what matters.
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 yourself 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 is 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 Unit 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 owners unit is as 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 owners unit is as 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.
Or you can use the email form and one of our representatives will reply as soon as possible.