Condo Owners Insurance and Protection Coverage

You will find many condos in cities like Toronto, Vancouver, Edmonton and other cities in Canada. Condos allow the developers to maximize the space use and meet the housing needs. Condos have become very popular in the metro cities.

If you own and live in a condo then it would be good to buy a condo insurance. Condo insurance is a type of home insurance. This insurance helps to cover the situations you may face as the owner of the condo.

The condo unit is owned by the family and the amenities in the building are shared. The insurance provides coverage for the condo unit you own and your liability. If there is an accident in your unit then you are responsible for it if the accident happens in the lobby then it is the responsibility of the building.

Condo insurance helps to cover the belongings in your unit which are your responsibility. Our condo owner’s insurance covers unit improvements, loss assessments and living expenses. It offers coverage for installing new cupboards, fixing tiles and carpet, bathroom fixtures and more. 

Your location can decide the premium you need to pay for the insurance. The more expensive your condo repairs and replacements become the more the premium you will have to pay. The type of condo you live in can decide the risks and more risks will increase the premium you pay for the insurance.

If you live in an area known for crime then there will be more chances of theft, vandalism, break-in and so the premium will be higher. Condos located near airports or water bodies face increased risks and so their premium also will be higher.

Condo Owners Protection Coverage

This coverage is designed to cover the needs of the condo owner. 

  • The All-risk coverage is for your belongings in your condo, improvements and replacements. It covers losses against all risks unless excluded from the policy. 
  • Personal liability coverage protects you when a person gets injured accidently or their property is damaged at your residence and sues you for damages and repairs that harm.
  • Additional living expenses coverage helps in situations where you are forced to leave your house following a covered loss. It will help to pay the additional costs that are necessary and reasonable. 
  • Loss assessment coverage covers your share in the responsibility with the other condo owners for the common areas in the buildings and the building. If there is a fee levied on your building then all the condo owners will have to share the cost. It is helpful in situations when a common area is ruined due to flooding.

Condo insurance also covers the lockers in your unit or in the building. It also covers appliances when they get damaged due to a power surge.

We offer personalized quotes for your condo depending on your needs. You can get the best insurance condo owner’s protection coverage plan with us. You can get the quotes online or through licensed brokers.

Type of Coverage

  • Prestige coverage 

This offers protection for your condo and personal property. It is one of the best ways to safeguard your condo.

  • Classic coverage

This offers protection when you are looking for lower premiums and coverage for the basics.

Factor that can Affect the Price of Condo Owners Insurance

Many factors that affect the price you pay for your condo insurance. 

  • You will need to give complete and detailed information about your condo and the building. It includes details like age, construction materials and the estimated cost of all the insurable belongings. Accurate details help in a more accurate risk assessment and cost. It helps in providing the best condo insurance.
  • Your credit scores can impact your insurance price though they do not negatively affect them. If you have a good credit score then you are eligible for discounts on the condo insurance.
  • To keep the replacement cost of your property accurate you should inform about any of the upgrades and renovations.
  • Your condo insurance price gets affected by old electrical panels which may increase the risk of fire, pipelines that can cause water damage and heating solutions used.
  • If you do expensive renovations then the price of the insurance will be more. Installing an alarm system will reduce the price of your insurance.
  • Your claims history can impact the monthly price of your insurance. Always make claims for the right reasons. 
  • Owning pets can affect the price of your insurance. If your pet hurts someone or damages somebody’s property then you will need personal liability coverage to protect yourself. Illegal pets can cause the price to rise or cancellation of the insurance policy.
  • If you rent your condo then the price of the insurance may rise.