Get the Right Amount of Coverage at the Best Price

The more information you provide your agent, the better we can assist you in creating a condo policy that’s right for you. It is always advantageous to use the same insurer for both your condo insurance and vehicle insurance. This allows you to maximize the discounts offered by the insurer.

Extra Coverage Doesn’t Have to Cost a Lot

Many people supplement their condo insurance coverage with personal umbrella liability insurance for broader protection. If you have high value possessions such as jewelery, art, antiques, or collectibles these items can be subject to special limits of insurance and it is always recommended to schedule these articles on your condo policy.

Condo Insurance The Basics

When purchasing condominium, you are owner of your unit and of a part of the areas shared by all the other owners of the building, such as the corridors, roof, basement, elevators, heating room, swimming pool, parking and garden.

Building insurance and general liability

The condo corporation will purchase a master insurance policy covering the entire building. This policy covers all common areas of the condominium. Any betterments and improvements done to individual units are not covered by this policy and must be covered by each unit holder’s policy.

Coverage A: Unit and Improvements and Betterment

Apart from your personal property, you must cover the improvements you have made to your home which are not covered by the condo corporation’s master policy. Your condo insurance policy will cover any significant upgrades made to your property such as wood or tile floors, custom cabinets and other upgrades to your unit.

Loss assessment

As a co-owner of the condominium complex, you are responsible for areas shared by all owners of the building and for losses that may occur. The insurer will pay, up to a stipulated amount, your portion of any special assessment that is valid under your condo owners by laws.

Supplemental coverage

Apart from insuring your improvements and betterments, you also want to insure your condominium unit itself. You will then be covered should the condo corporation’s insurance not fully cover a loss to your unit.

Coverage C: Personal Property

You can put any amount you like in this section. We recommend an annual inventory of your possessions and to store this document in a place other than where you live. This process also makes process of determining the amount of insurance you require more accurate.

Most condo insurance policies have a replacement value clause on the contents, which means that damaged or destroyed goods, whether they are clothes or accessories; will be replaced with new, comparable items.

Coverage D: Additional Living expenses

If your residence becomes uninhabitable following a covered loss, your condo policy can cover the additional living expenses while you wait for repairs to be made or until you return to your condo.

Coverage E: Legal Liability

This part of the condo insurance policy covers you for bodily injury or property damages that a third party may suffer as a result of your negligence. The amount of the liability is the amount covered up to the limit of your policy in the event of legal proceedings brought against you.

With law suits continually on the rise a higher limit of liability is always recommended, or consider purchasing an umbrella liability policy. This coverage protects you anywhere in the world while acting as a private citizen.

Coverage F: Voluntary Medical Payment

The condo policy covers medical expenses for minor incidents that can occur on your property. This covers the medical expenses incurred by or for the victim of an accident resulting from personal activities on the insured premises. Even if you are not liable, you can make a claim under this coverage. There is a maximum amount payable by the insurer, which can vary from one company to another.

Coverage G: Voluntary Payment for Damage to Property

This section of the policy covers accidental material damages caused to the property of others, provided they result from your personal activities or they occur on the insured premises. Even if you are not liable, you can make a claim under this coverage. There is a maximum amount payable by the insurer, which can vary from one company to another.