An Essential Guide to Condo Insurance
Too often, condo owners mistakenly believe that the condo corporation’s insurance policy is sufficient for their own personal purposes. It’s not. For the most part, the condo corporation’s policy isn’t intended for the personal use of the individual residents of the condo, which is why condo residents need their own personal condo insurance coverage.
Don’t rely on your condo corporation’s insurance policy. Get a condo insurance quote today.
As a condo owner, your insurance needs are not all that different than that of a homeowner. There’s your personal property that you’ll want to ensure is covered, as well as your liability should someone be hurt or injured while visiting your home. But, unlike homeowners insurance, condo insurance takes into account the fact that you’re living in a building with shared amenities, responsibilities, and the unique risks that come with it all.
What’s included in condo insurance?
Your condo insurance coverage can be set up to protect you, your condo, and your property so that if something goes wrong you’ll have the backing you need at a time when you need it most. Some of the things you’ll want your condo insurance coverage to include are:
Your personal property. Basically, your stuff, your property, your contents. Stuff that can really add up in the event of a loss—clothing, appliances, furniture, pots, pans, linens, electronics, computers, sound systems, golf clubs and the like.
Your personal liability. If someone visits you and slips and falls in your unit because they tripped over your area rug, you could be held liable if sued and your condo insurance coverage would kick in. Liability also provides coverage for damage you might accidentally cause to other parts of the building. For example, misadventures in the kitchen that start a fire and cause damage to the units of neighbours, would likely be covered by your condo insurance policy.
Upgrades you’ve made to personalize your home. Just like any other homeowner, there’s always something you may want to improve or change. If you renovate your unit and make upgrades to it (say for example, you add a Jacuzzi bathtub, lay better carpet, install hardwood, add new cabinetry, or a granite countertop) the value of these improvements will be factored in, in the event of a loss like fire.
Living expenses. If you cannot live in your condo unit while repairs are being made after an insured loss, your condo insurance will also help to cover some of your additional living expenses, such as moving costs, a hotel room, storage and more.
These four components typically make up the foundation of a condo insurance policy.
What’s condo insurance cost?
Just like all insurance, the cost of condo insurance will vary depending on where you live (for example, condo insurance in Toronto may cost more than it does in a small town), the condo insurance coverage options you choose, your deductibles, and the limitations of your policy. To answer the question of what does condo insurance cost, you’ll likely find that condo insurance coverage will cost about $250 to $350 per year for $50,000 in contents coverage. Of course, you’re best to get a condo insurance quote here at InsuranceHotline.com for the coverage you need. Whether you’re living in a condo in Vancouver, need condo insurance in Toronto, or just bought a condo in Halifax, let InsuranceHotline.com help. We compare condo insurance quotes from over 30 insurers to help you get the condo insurance coverage you need at the best available price.
Don’t own a home or condo? Be sure to check out our renters insurance.