How Much Is Condo Insurance?
Condominium Insurance is an important part of owning a condo. Your condominium is an investment, and having insurance protects your condominium and the items in it. We all have questions when thinking about condo insurance. Is condo insurance expensive? Is it mandatory in Ontario? Where can I find the best policies and rates? In this article we will look at Condominium Insurance in more detail and answer these questions.
What Is Condo Insurance?
Condo insurance is coverage for your condo during an unexpected claim. Your condo building has insurance for you which covers the common areas and main structure of the building. What is inside your unit, however, must be covered by a condo insurance policy.
Here is a list of important terms with regards to condo insurance:
Coverage for your belongings in your unit along with improvements and renovations made to your unit.
This coverage protects you against losses from all risks (or perils), unless specifically excluded from your policy. For example, if water floods your living room from above, your insurance will cover the damage.
Personal Liability Coverage:
In the event of a claim, items would be repaired to their original condition or replaced with new items of like kind and quality with no deduction for depreciation. (For example, if your couch is ruined when your neighbour’s pipes burst, you will get a new couch.)
Additional Living Expenses Coverage:
What Is The Average Cost Of Condo Insurance?
It is common to pay as little as $30 a month for condo insurance in Ontario. Of course there are many variables that influence the cost of a condo insurance policy. The location of your condo has a direct influence on the premium costs of your insurance (Toronto or Vancouver), but factors such as the value of your personal belongings and past claim history also come into play.
Condominium insurance is not mandatory in Ontario, but this should make you think about condo insurance even more. A general purpose of condo insurance is to prevent you from paying out-of-pocket for expenses related to loss. Also, most condominium corporations require you to have condo insurance coverage. The surest way of mitigating financial risk in the event of a claim is to have condo insurance.
If you would like to find out more about our condo insurance rates, please contact our staff
and we would be glad to help you.