Affordable Condo Insurance
Condo insurance in Canada is essential if you want to protect your personal belongings and your livelihood from unexpected events. A condo policy covers you when you need it the most.
Do You Need Condo Insurance?
In short, yes. While your condominium corporation may carry insurance for common areas and the building, the condo corporation’s master policy will not cover you as a condo owner. We highly recommend this type of insurance because most condo policies typically cover your personal belongings, liability for damage you might cause to your neighbors’ property, and injury liability.
What is Covered Under a Condo Insurance Policy?
Without adequate condo coverage, you could end up paying thousands of dollars in repairs or bills. For example, if there is a pipe break or a visitor to your condo unit suffers an injury. These are two common scenarios where the condo owner may have to pay out-of-pocket if they don’t have adequate condo insurance.
Coverage for Your Condo Unit
Third-party liability protects you when you unintentionally injure someone else (bodily injury) or their property. This coverage provides personal liability insurance, including legal costs.
Contents and personal belongings
Your personal belongings need to be protected too. Items that your condo insurance policy will reimburse you for after a covered loss include clothing, furniture, and appliances – depending on your policy details. Ask your broker about Replacement Cost vs Actual Cost when setting up the contents and personal belongings coverage on your condo policy.
Improvements & Betterments
A condo policy may cover expenses for upgrades to your condo unit. Examples include hardwood floors, cabinets, counters, and more.
Additional Living Expenses
When an insured loss occurs and your unit is uninhabitable, you require additional living expenses coverage. A typical example is a pipe break in your condo unit. The break causes major water damage to your unit and your neighbour’s unit downstairs. While repairs are being done, you require temporary housing. Your condo’s additional living expenses item in your condo insurance policy may pay for a hotel and meals while you wait for repairs to be completed.
Your condominium corporation’s master insurance policy includes coverage for personal liability and damage in common areas, such as hallways and common spaces. If your condo’s master policy doesn’t cover enough, loss assessment coverage may help fill in the gaps when they come to you for your share.
If your condominium corporation’s policy falls though, your personal condominium insurance policy will look to the contingent coverage section of your policy for protection.
Additional Coverage Options For Your Condo Insurance
Sewer-Back up & Overland Water Insurance, you may want to consider adding sewer back-up and overland coverage for extra protection.
Sewer Back-Up is water damage from the back-up or escape of water/sewage from a sump pump, sewer, or septic system.
Overland Water Insurance (often referred to as flood insurance) is when surface water enters your home, perhaps through a door or window, for example. Each insurance company defines it slightly differently, but it may provide coverage for damage from an overflowed lake or river, or the sudden overflow of water from surface waters (rainfall, thaw).
Umbrella Liability Insurance
Umbrella liability insurance is a type of personal liability insurance that covers claims in excess of regular home, auto or watercraft insurance policies and gives you an extra cushion of protection if the worst happens.
Earthquake insurance is not required in Canada but it’s an add-on to your condo insurance policy that may allow you to sleep better at night.
Valuable Articles Insurance
If you have pricey items including jewelry, art, antiques and other valuables, it may be worth the extra insurance for these belongings. Valuable articles insurance may limit the number of valuables that you can insure and may allow you to avoid paying a deductible for certain types of losses. Remember, every condo is unique so you will have different options than your neighbours. If you have any questions, please reach out to one of our brokers. Our job is to help you find what you need, quickly and easily.
Why Choose Rhodes & Williams Insurance?
In Business for almost 90 years.
As an independently owned brokerage, we take care of our clients at every stage of the insurance journey, from the initial connection to the completion of each customer’s request, on time.
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We have a team of committed brokers, which allows us to be the go-to insurance brokerage in major cities in Canada. We provide impeccable service so you can go on with your life with your insurance needs taken care of.
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Whether you need home, car, business, or recreational insurance in Canada – we have your back. See our Testimonials for proof of exceptional service.
We have a committed team of broker experts who can answer all relevant questions related to condo insurance. We welcome insurance-related questions to help you find the best and most effective condo insurance policy for you. The more information you provide to us, the better advice we can provide.
Yes, you need a separate insurance policy for your condo! While it’s not mandatory to have condo insurance, it’s highly recommended. And most importantly, your condominium corporation’s master policy will NOT cover anything that happens in your condo unit, including a pipe burst, theft, and more. Our brokers are more than happy to walk you through a standard condo insurance policy and answer any questions or concerns you may have.
There are several extras you can add to your condo insurance policy, including sewer back-up and overland water insurance, which are not included in a basic condo insurance policy. Please contact a Rhodes & Williams broker in Canada for their advice and a condo insurance quote.
Absolutely. Before you purchase your condo unit, it’s important to ask the condo board for a copy of their Master Policy and bylaws, so you can review what you, as a condo owner, will be responsible for. Things to look out for specifically are the deductible amounts the condo owner may have to pay. When in doubt, always contact one of our experienced brokers to ask in-depth questions.