Condo Insurance

Your condo lifestyle needs condo insurance

When you own a condo, you enjoy a unique lifestyle that requires unique coverage that can be confusing. Don’t worry, our insurance Specialists know condos and can cover all the angles. We’ll make sense of things, and help make sure you’re covered.

Just reach out and we’ll show you why working with us is better.

Protect what you love from what you don’t love: the unexpected

What if there was a fire in the lobby?

If a fire accidentally starts in your lobby or another shared space, your Condo Corporation’s insurance will kick in, but it often includes a high deductible that the Corporation charges to unit owners. A condo insurance policy can include coverage for loss assessment from the Corporation to protect you.

What if your stuff got stolen?

Your condo just got broken into. Stressful for sure. But at least replacing or repairing things will be covered by your condo insurance policy. This includes stuff in your storage locker or temporarily outside your condo, like in your car.

What if your unit has been upgraded with hardwood floors and granite countertops?

You can include the value of these upgrades on your condo policy with coverage for unit improvements and betterments.

Make condo insurance work for you. Not the other way round.

Your condo is a large investment, whether you are a first-time owner, downsizing or using it as a rental property. Condo insurance needs are different from other home insurance policies, and we know insurance can be confusing for condo owners. Many condo owners still wonder why this type of insurance is so crucial. Here’s why:

Your mortgage lender probably requires that you have condo insurance that meets certain limits to receive the financing from them.
If a lawsuit arose from an injury on your property or damage you’ve accidentally caused to someone else’s property, your condo insurance could protect you financially.
The Condo Corporation’s insurance policy doesn’t cover damage, repair or loss of any personal possessions. You’ll need personal coverage which also applies to belongings temporarily outside of your home, like in your car or in a hotel room, and your storage locker.
Your Condo Corporation’s insurance policy doesn’t have enough coverage to pay for the damage and costs that are assessed to be shared across all unit owners for common area damage. They sometimes charge back the insurance deductibles if things that go wrong in your place damage other parts of the building. The right coverage on your personal insurance policy can help pay for this.

FAQ

Is condo insurance mandatory?
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.

Why do I need condo insurance if my condo corporation has a master insurance policy?
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.

What information do I need to get a quote?

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?

How do insurance companies decide insurance rates?

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

What does condo insurance cover?

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.

What is the value of working with an insurance Specialist?

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.

What do I do if I have to file a claim?

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.

We love our clients.
Turns out, they love us too.

…always explains things of concern to me.
Paul C.
I like the way everything was explained and made it easy to understand my policy.
Laurie V.

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