Condo Insurance SeaforthRed Line

Insurance solutions that help you avoid losses or cover gaps in your HOA Insurance.

If you live in a condominium, your space and personal items might not be sufficiently covered by the building’s master policy. Many condo and co-op unit owners make the mistake of thinking that the master insurance policy for their building covers them fully.

When shopping for condo insurance, your first step should be to select the right insurance provider. Orr Insurance has established itself as a leader in the market. We provide you with several different insurance alternatives and bundle deals so that you can get insurance coverage tailored to your specific requirements.

Get the right coverage to safeguard your condo in Seaforth. Call 1-800-876-4163.

Why do you need condo insurance?

When you apply for a loan to buy a condo, most financial institutions will insist that you have proof of insurance.

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Most condo associations (HOAs) have insurance covering damage to the outside of the building, common areas, and maybe even some parts of the condos. But if you own a condo, the master insurance for the building might not provide adequate coverage for your living space or personal items. They typically do not cover personal liability, personal property, or loss of use if you are unable to occupy the condo.

Your personal belongings and the shared apartment areas you are responsible for are both covered by condo insurance. In order to minimize coverage gaps, it is important to be aware of any updates to your association’s master policy and your insurance policies.

It is also possible that you will not be covered by your association’s insurance coverage if you or the previous owner built permanent modifications like wall coverings or cabinetry.

Talk to the developer about expected remodelling costs if you have an interest in buying a unit in a recently finished building. Then, talk with one of our brokers before you start any work. It is always better to identify potential obstacles to obtaining the insurance coverage you need before it is too late.

Condo Insurance Coverage That Suits Your Insurance Needs

Liability Insurance

This protects you from expensive liability lawsuits brought on by situations like unintentional water damage to a neighbour’s unit or someone tripping and falling inside your condominium. This covers you if a guest sustains an injury while staying at your condo and decides to file a lawsuit against you. This insurance solution could include claims for injuries, damage to property, and even lawsuits.

Dwelling Coverage

Condominium dwelling coverage protects the portion of the condo that you own. It includes any upgrades to the inside cabinets, flooring, countertops, and other features that you may have completed.

Personal Property Coverage


A condo insurance policy pays the cash value of replacement for covered personal items that must be replaced as a result of a covered loss. It can protect your items against loss if being stolen on and off the property.

Get in touch with our licensed Orr insurance experts at 1-800-876-4163 to discuss your coverage options. We’re here to help.

Extra Living Expenses

If you are unable to remain in your condo while it is being repaired or rebuilt as a result of a covered loss, additional living expenses can assist in paying for living expenses and temporary housing for up to 24 months.

Coverage of Valuable Items

If you have high-value goods like collectibles, art, jewellery, or expensive cameras, you might want to consider purchasing additional coverage for them under your existing policy. Items can be covered for a fee that is a fraction of what it would cost to replace them. It might only cost a few dollars a month.

Loss Assessment Coverage

In the event of damage to common spaces or a lawsuit filed against the association, you will be compensated for any amount that the association’s insurance coverage does not cover.

What factors influence condo insurance prices?

An insurance provider might take into consideration the following factors when estimating the amount of the insurance premium that a condo owner will be required to pay in order to have sufficient coverage:

  • Cost to reconstruct condo after a covered loss

  • A condo owner’s deductible to file a claim

  • The condo’s neighboUrhood and personal property value

  • Any condo owner discounts

  • Owner’s credit history

All of these are considered to determine the type of insurance policy that will be necessary to provide adequate coverage that protects your condo based on the risk factors.

Speak with experienced insurance brokers at Orr Insurance to know more. Contact us at 1-800-876-4163 today.

Condo Insurance: Special Assessments

Does condo insurance cover special assessments?

In the case that a covered loss outweighs the limitations of coverage offered by the insurance policy of the condo corporation, the special assessment insurances that are normally part of a personal condo insurance plan protect the owner from liability. A special assessment may be requested by the condo association if major maintenance or renovations are needed in the common areas of the building.

Condominium buildings often have special assessments set up to compensate for damage to shared spaces, including corridors, parking garages, leisure rooms, common lounges, and more. Contractors will evaluate the necessary work and offer a cost estimate for it. The cost of the work could occasionally exceed what the condominium organization has set aside or what the insurance would pay. In those cases, the unit owners will be asked to pay the rest of the costs.

Since condos are built close to each other, damage in one area can easily spread to other units and common areas.

Three conditions must be met before coverage for special evaluations will kick in.

  1. The condo coverage covers the peril causing damage or loss.

  2. The condo’s insurance doesn’t cover the loss’s damages.

  3. The condo board charges homeowners additional fees to cover building repairs.

    When you get a quote for condo insurance, your agent may suggest that you get more coverage for special assessments. This is to protect you from rare but expensive situations like these.

Common inquiries concerning condominium insurance

Do I need home insurance if I own a condo?

Property owners, unlike motorists, are not mandated by law to carry home insurance or condo insurance. However, in some cases, it can be required. For instance:

Co-op or Condo units

If you’re purchasing a condo or co-op unit, your co-owners association can require you to obtain insurance. Each co-owner association is different, so please double-check with yours.

No matter where you live, we at Orr Insurance firmly advise you to buy insurance because it not only protects your house and personal things but also provides liability protection if you accidentally cause injury or property damage to someone or their property anywhere in the world.

What are the best options for condo insurance?

There are multiple options for buying condo insurance, but working with an independent agent is your best chance. A local agent in Seaforth, like Orr Insurance, can help you compare condo insurance quotes from a number of different insurance carriers and assist you in selecting the insurance policy that is the most suitable for your requirements.

Your insurance agents at Orr will also be able to advise you on how to save money on condo insurance by taking advantage of any number of available discounts. For instance, if you combine your condo insurance with your auto insurance, you may be qualified for a multi-policy discount.

House Insurance Vs. Condo insurance: What’s the difference?

Condo insurance differs from house insurance mostly in the amount of coverage.

When you own a home, you are legally responsible for anything that happens there, including damage to property or personal injury. This includes the building itself, the ground it stands on, and anything kept inside.

When you own a condo, however, you are only accountable for the individual unit you live in and the possessions you keep within it.

Do I have to reapply for condo insurance every year?

The answer is “maybe.” The majority of condo policies are up for renewal every year. However, consumers must continue to be qualified and pay premiums in order to renew.

Every year, it’s a good idea to talk to an insurance agent about your coverage and get the right assessment.

If you are looking for a new insurance policy with the best coverage for your condo and want to review your existing one, please give us a call at .1-800-876-4163. Our expert team at Orr Insurance can assist you with it.

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