As a condo owner, you have unique insurance needs. It’s an important investment, and one you need to protect with the right condo insurance policy.
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Average condo insurance rates depend on a variety of factors. This includes coverage type and limits, deductible, personal contents, and where you live.
For example, condo insurance in Toronto is more expensive than condo insurance in a small town. It costs less to insure a condo than a home. You are not insuring the actual structure of the building and common areas, just your unit.
There are many factors that impact how much you pay for condo insurance. Insurers use these and other factors to determine your premiums :
We know saving money is important to you. There are a variety of condo insurance discounts you could qualify for. Here are the top condo policy discounts :
Your condo is an investment in your lifestyle. Make sure you’re properly protected by getting the right policy for your condominium unit and its contents. Many condo owners are unclear about what is and isn’t part of their policy :
How do you know if you’re getting the best price on condo insurance coverage? How do you know you’re paying the lowest premium, taking any and all potential discounts into account? How do you know you have the right amount of coverage to protect your belongings? Working with an insurance professional will answer these questions.
Condo insurance is a type of homeowners insurance designed for condominium units. It provides you with coverage for personal belongings and the interior of your unit.
Condo insurance is not a legal requirement in Ontario, but this doesn’t mean you don’t need it. The majority of banks and financial lenders require you to show proof of insurance. Condo corporations require unit owners to have coverage before they move in. So even though it’s not mandatory, you need coverage.
Condo insurance DOES NOT cover high value items such as expensive jewelry and collectibles. If you want these item insured you will need to take out additional insurance to ensure coverage.
You also do not have coverage for business use or when renting out your condo. Water damage is not part of a standard policy. You will need additional coverage.
A fire in a condo building creates unique circumstances. The management of the claim and which policy covers the damage depends on the nature of the fire. Your policy may have to cover some of the damage. Your condo corporation insurance policy may also share responsibility for the damage.
Be clear about what your condo corporation will cover and what your policy covers. Expect both insurers to work collectively to manage a fire claim.
No. Condo fees do not include your personal condo insurance coverage. Condo unit owners need to take out a policy to get coverage for contents and their unit.
Many condo owners wonder about coverage limits. How much condo insurance do you really need? You need coverage for your contents and liability. The answer to this question depends on your risk tolerance, living situation and amount of personal property.
The average condo owner commonly has $1 million in liability coverage and $50,000 in personal contents coverage. You can lower or increase these amounts to fit your budget and lifestyle.
We all want to save on condo insurance. Here are some quick tips to lower your premiums :
There isn’t one specific insurer that offers the lowest rates. Insurers use different criteria to assess your rates. It’s important for you to compare your coverage options. Comparing quotes is the most effective way to find the cheapest condo insurance.
You care about saving money right? ThinkInsure's brokers will help you find the best coverage at the cheapest rates in Ontario.
Condo insurance typically includes everything that is not in your condo association’s master insurance policy. It covers :
Want to enhance your coverage? You can easily customize your policy by adding extra policy add-ons :
Have more questions about condo insurance coverage? Check out these common questions :
You need condo insurance for the same reason you need home or car insurance coverage. You need to cover your unit and contents and have personal liability protection.
This is a policy for the condo corporation, not individual unit owners. It covers the common areas of the building. This includes the walls, floors, elevators, roof and other common areas. It also provides liability coverage for the property.
The difference in coverage depends on the building structures, classification and other factors. The main difference between condo and townhouse insurance is the extent of coverage. Townhouse insurance covers contents as well as building structure and land, similar to a standard homeowner’s policy. Speak with your insurance professional to ensure you get the right coverage for your situation.
Yes. Your policy can include coverage for appliances and other fixtures. Check your policy to ensure you have coverage. If not, you may be able to add coverage for appliances.
Basic condo policies may not cover special assessments. Many policies do offer this coverage. If you are not sure if you have this coverage, speak with your broker.
It depends on your insurer and policy type. You can add water damage protection to your standard condo insurance policy to ensure you have coverage.
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