Condo Insurance
Unique coverages required for owning a condominium
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Condominium Insurance
Coverages for Your Condo
Condo insurance requires a unique set of coverages and can vary from building to building. It’s important to connect with a broker to ensure your living situation is properly protected.
Contents Coverage
Protects your personal belongings such as furniture, electronics, clothing, etc.
Liability Coverage
To help with legal fees, medical payments, and settlements if someone is injured in your unit or if you or a family member causes damage to someone else’s property (including other condo units and the common areas).
Additional Living Expenses
Coverage to help pay for temporary housing, food, and other living expenses if you are unable to live at the cottage after a claim, while repairs are being completed.
Betterments & Improvements
Coverage for upgrades you make to your unit that are not part of the original construction or standard finishes. Think renovated bathrooms, upgraded flooring, or custom kitchen cabinets.
Common Area Coverage
In some cases, if the master policy of the condo corporations doesn’t cover certain damages to common areas, you might be assessed for repairs.
Loss Assessment Coverage
If your condo corporation faces a special claim (a significant repair or legal settlement), this coverage helps pay your share.
Building Coverage
If you are responsible for the exterior structure, adding this coverage Insures the physical structure against loss from fire, theft, or natural disasters.
Important Extras
Don’t forget these extra coverages to add to your cottage insurance policy
Guaranteed Replacement Cost
Single Limit Coverage
Protections from Water
Coverages for select water-related damages caused by sewer backups or overland water (i.e. flooding). Some water coverage may not be available depending on where you live.
Valuables
High-value items such as jewelry, furs, fine arts, and collectibles. Standard coverage limits may not be enough – talk to your broker about scheduling your high value items.
Special Limits
Similar to valuables, standard policy limits might not be enough for special items such as:
- Bicycles and e-bikes
- Musical Instruments
- Sports Equipment
- Business Equipment (including computer equipment)
- Home Electronics
Home Warranty
Some insurers offer additional peace of mind by assisting with repair or replacement of major home systems and components. These include central heating and cooling, electrical systems, water heaters, appliances, and more.
Umbrella Liability Coverage
Increases your limit of liability. It can extend an additional liability limit over your Personal Liability Coverage and any auto policies you may have.
Claims Foregiveness
Your first claim is treated as if it never happened. You will keep your claims-free discount as long as you stay with your current insurance company.
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Condominium Insurance
Changes to tell Your Broker
Lifestyle changes affect both your premium and how your policy responds, so be sure to keep your broker up-to-date with any changes! Some examples include but not limited to:
Change of Address
Marital Status
Home Office or Starting a Business
Updates to your Condo, including electrical, plumbing, renovations
Aquiring Valuables
Vacant Home or Property
Changing or Starting a New Job
Gig economy jobs including Ridesharing or Delivery of Anything
Renting or Leasing Part of Your Condo
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Home Insurance
Insurance for your home’s physical structure, your personal items, and much more
Renter's Insurance
If you’re a tenant, renter’s insurance protects your personal property and provides liability protection
Cottage and Other Property Insurance
Insurance for your other properties including Cottage Insurance, Seasonal Property Insurance, Trailer Insurance, Rental Property Insurance
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