Everything You Need to Know About Condo Insurance in Ontario
Your condo is your safe space. It is where your friends and family come to make memories and where you store your most prized possessions. It’s scary to think about replacing all of your belongings in your unit, should anything tragic happen. But if you are to opt-in for condo insurance you’ll be able to rest easy knowing that your things are protected.
So what is covered when you opt-in for Condo Insurance in Ontario
Condo insurance will provide coverage for your personal belongings as well as upgrades made to the unit. As a condo owner, you’ll want to protect your property with the right policy to be ready for the unexpected.
A condo policy is similar to a homeowners policy in that it protects all of the items in your home. This means that should a fire, flood, or natural disaster occur, your insurance policy will cover the cost to replace your belongings inside the unit (furniture, clothing, jewellery), including any upgrades you have made to the unit (cabinets, flooring, tiling etc) – something you decide at the time of purchase (that can later be adjusted).
With a condo policy you can get protection for:
Your personal property and belongings
Personal liability in the case that you’re held responsible for damage to another unit (ie flooding in the unit below you) or injury to a person visiting your unit
Liability that protects you from strata stipulations that hold you responsible for building damages
However, every condo owner should be provided with a condo corporation document that outlines exactly what their strata corporation insures when it comes to the building. Your building will typically have two types of insurance:
A policy that covers the appliances, wiring, plumbing, and carpets, but does not cover personal property.
A policy that does not cover anything contained within your walls. It may or may not cover electrical or plumbing.
Insurance brokers may ask for a copy of your condo corporation documents to be able to determine the gaps in your coverage, and ensure that you are covered for everything from your plumbing to your pants.
Condominium contingent insurance coverage and loss assessment coverage are two add-on policies that will protect you from any gaps in your condo’s insurance policy. So if your strata aren’t covering the cost of plumbing in your building, for example, and the plumbing in your unit needs to be replaced, then your policy may cover a piece of that cost.
The beauty of coverage is that it is customizable to suit your lifestyle and needs! So you can ensure you are getting the exact coverage you need, some insurance carriers offer additional coverage for your condo. Bulked up packages may look like:
Extended Water Damage
Did you know that 40% of claims are due to water damage? This coverage protects you against damage caused by a backed-up sewer or pump and is especially helpful for those who live on lower floors or own a storage unit in the lower levels of your building.
Additional Living Expenses
If you’ve had to relocate due to damage to your unit, some companies will cover the cost of your living expenses while you are in-between homes, or waiting for your home to be repaired.
Whatever coverage you’re in the market for, ensuring that your belongings and unit is safe in the event of an accident, will be a saving grace should anything happen.
If you have any questions about obtaining coverage that’s right for you or if you would like to speak to one of our knowledgeable brokers, get in touch today!