What you need to know about condo insurance

Owning a standard condo means that you own a part of a larger building. The building is typically insured through the condo corporation, so you may be wondering – why do I need to also purchase insurance? Condo insurance is made specifically for condominium owners and is an affordable way to protect yourself in the event of a loss.

 

What you need to know

Purchasing your personal condo policy gives you added protection and peace of mind:

• If your condo corporation is underinsured, or allows the main policy to lapse, your personal policy would provide coverage for the shortfall in the event of a loss.
• Your policy also provides coverage for betterments and improvements that have been made to the unit since it was originally built.
• Condo Corporation policy deductible – in the event of a loss, your condo corporation will ask unit owners to cover the cost of their policy deductible. This can be upwards of $25,000 in certain circumstances. Your personal policy will provide some amount of protection to cover the cost of the deductible.
• Provides coverage for your belongings.
• Includes personal liability coverage that would respond in the event that you are responsible for damage to the building, as well as injury to visitors on the premises.

 

Additional coverage

There are additional coverages available to add to a condo policy such as sewer backup, which would cover the cost of a sewer backup loss in both your unit, as well as any shared spaces within the condo unit. Condo Insurance limits and pricing is determined by factoring in the value of your belongings, as well as the value of your condo unit.

 

Give us a shout for a quote

Get in touch with us anytime if you have questions or to get a personalized quote.