Condo InsuranceRest Easy Knowing Your Condominium is Protected with Condo Insurance! Get Your Free Alberta Condo Insurance quote from Leibel Insurance Group today!
- Cover Yourself Against Losses Caused by Neighbouring Units
- Be Covered in Case of General or Special Assessments
- Protect Your Condo with Unit Improvement Coverage
- Secure All of Your Prized Possessions with Replacement Cost Coverage
Condo insurance in Ontario and Alberta continues to become even more popular as people educate themselves about the need for protecting their newly purchased homes. There are several things to consider when purchasing an individual condo policy.
The demand for housing and particular condos is increasing steadily as even more people relocate to cities. Condo buildings benefit from housing hundreds of people in well-planned units, while minimizing space in crowded metros such as Toronto.
How Condo Insurance Coverage Works
While each Condominium structure is different, Condo insurance covers the condo unit along with your personal liability. On the other hand, coverage for common areas such as lobby, elevators, and the building itself is through the main condo corporation’s insurance.
Generally speaking, a standard comprehensive condo insurance policy has the following covered:
Content Coverage: This extends to your personal property within the confines of your unit or a dedicated onsite storage unit. In such cases, content insurance protects things such as your furniture, flooring, clothing, among other items, up to a particular amount.
Liability: Personal coverage covers your liability. For example, if someone injuries themselves in your unit or you damage someone else’s property. This coverage will protect you against such loss up to a specified amount that is mentioned in your policy.
Additional Living Expenses: This coverage also pays for relocation after an insured loss, temporarily. For example, damage to one’s unit or surrounding units making it unsafe to be in the condo building.
Having purchased a condo with a corporation, your primary policy will be through the condo board or the condo association. The primary policy will insure the building to its original construction. Condo owners are jointly responsible for their insurance through the condo corporation. For example, when a visitor to your building injures themselves in a common or shared area such as a parking lot, the main condo corporation insurance would be used and not your own insurance.
Here are some things to consider when dealing with coverages:
Unit Upgrades: Does your condo have upgraded cabinets or flooring? These are the responsibility of the unit owners to insure.
General or Special Assessment Coverage: Does your condo feature more common areas? As a condo owner, you need to make sure you have condominium insurance coverage if the condo board assesses you for a portion of a loss to a common area.
Deductible coverage: When a condo has a primary policy for the building, you can purchase coverage for the condo boards’ deductible as a unit owner. If you are deemed negligent in a loss, this deductible may be your responsibility, and typically these deductibles can run upwards of $25,000 or more.
Simplifying The Complexities Of Condo Insurance
Without the guidance of an experienced insurance broker, the various criteria and requirements for condo insurance can be challenging to understand condo insurance. We at Leibel Insurance Group make it our commitment to helping you understand the special and unique coverage you may require as a new condo owner.
Similarly, there are other types of condos that you may have purchased called ‘Bareland.’ For more information about this, please see our Homeowners insurance page. You will require a “hybrid” policy, a mix of Home Insurance and the earlier stated condo policy. Contact us today for more information on
Alberta and Ontario condominium insurance is affordable and customizable to meet your needs! Contact Leibel Insurance Group today to get a no-risk quote and use our expertise to your advantage to ensure your condo is properly insured
Contact Leibel Insurance Group today to get a no-risk quote and use our expertise to your benefit.
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