What is Condo Insurance?
Condo insurance, also known as condominium unit insurance or condo owners’ insurance, is a type of insurance policy designed specifically for condo owners. While the condominium corporation typically carries insurance for the overall building structure and common areas, condo insurance covers your individual unit and personal property within it. Take a read below to learn the best condo insurance info summarized for you!
What Does Condo Insurance Cover?
Typically, in Ontario Condo insurance provides coverage for various aspects, including:
- Personal Property: It protects your personal belongings, such as furniture, appliances, electronics, clothing, and other valuable items, in the event of theft, fire, vandalism, or other covered perils.
- Unit Improvements: If you have made upgrades or renovations to your condo unit, such as installing new flooring, cabinetry, or fixtures, condo insurance can cover the costs to repair or replace these improvements in case of damage.
- Additional Living Expenses: If your unit becomes temporarily uninhabitable due to a covered loss, condo insurance can help cover the cost of temporary accommodations, meals, and other living expenses during the repairs.
- Personal Liability: Condo insurance provides liability coverage in case you are legally responsible for bodily injury or property damage to others. This can include incidents that occur within your unit or common areas of the building.
- Loss Assessment: In the event of a significant loss or damage to the common areas of the condominium complex, the condominium corporation may impose a special assessment to cover the expenses. Condo insurance can help cover your share of these assessments.
VLG Insurance Tip: Depending on your region there may be additional things to consider when selecting your coverage, key items such as severe weather conditions and history of incidents in your area may affect your premium. Your policy can protect both the brick-and-mortar property itself and the contents within it. It is highly recommended for any property to keep an accurate record of replacement value and inventory – which is why we offer our FREE home inventory form!
What is Condo Liability Insurance and What Does it Cover?
Condo liability insurance, also known as personal liability coverage, is an essential component of condo insurance. It provides protection in case you are held liable for accidents or injuries that occur within your unit or common areas of the building. For instance, if a visitor slips and falls in your unit or if your bathtub overflows and damages the unit below, condo liability insurance can cover medical expenses, legal fees, and property damage costs associated with such incidents. It offers financial protection and helps safeguard your personal assets in the event of a lawsuit.
Is Condo Insurance Mandatory in Ontario?
While condo insurance is not legally mandated by the province of Ontario, it is highly recommended and often required by condominium corporations. Many condominium bylaws stipulate that unit owners must maintain insurance coverage for their individual units. Additionally, mortgage lenders usually require condo insurance as a condition for approving a mortgage on a condominium unit. Therefore, even if it is not mandatory by law, obtaining condo insurance is crucial to protect your investment and comply with condominium corporation requirements and lender obligations.
VLG Insurance Tip: Water damage is the most common claim for property insurance. Current claims statistics put water damage at roughly 44%, with fire claims sitting just behind at 30% of total claim dollars spent.
Talk to our team today about all of your property insurance needs! We work with top insurers to find the best rates and coverage options for you. Call the office nearest you to get started. Delhi Office: 519-582-3500 | Tillsonburg Office: 519- 842-8465
