Condo Insurance

Ah, Condo living, no shovelling or mowing lawns but you still have precious property that needs the best protection.

As a condominium owner you are responsible for the betterments inside your unit, your personal belongings, as well as anything in the purchase agreement from your condo association.

The condo corporation has a master policy covering the building and common areas but this policy may have limitations or may not be in force at the time of a loss. A Condo Policy will protect you in these situations of limited or no coverage on the Condominium building policy.

There are five main coverages included in a Condo Policy:

  • Contents – Your belongings both in the condo and away from your condo
  • Betterments and improvements – Upgrades you make to your unit from the original condo structure dictated in the condo agreement
  • Loss assessment – Monies assessed to you due to an insurance loss to the building where the condo corporation’s master policy was inadequate, non existent, or too large a deductible.
  • Liability – bodily injury and/or property damage you accidentally cause to others

There are special limits to certain types of personal property such as jewellery, antiques, etc. These limits can be increased and other coverage like Sewer Backup can be added to the policy by purchasing optional endorsements.

There are an abundance of discounts available to condo owners including claims free, mortgage fee, mature owner, and non-smoker.

A broker can help you to discover the right policy for you that will protect both yourself and your Condo.

Request a Quote