Condo Insurance
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Condo Insurance: Your Key to Secure Living
In Ontario, condo insurance is an essential part of owning a condominium. With the increasing number of condominium developments in the province, it is important for owners to protect their investments.
Condo insurance in Ontario provides coverage for damages caused by a variety of perils, including fire, theft, and water damage. It also offers liability coverage in case someone is injured in the owner’s unit or if the owner damages someone else’s property.
Why should you purchase condo insurance? While condo associations typically have insurance policies for the building, they do not provide coverage for an individual owner’s personal belongings or liability. Thus, obtaining condo insurance is necessary for all condo owners to ensure they are fully protected.
Get a QuoteCondo Insurance Coverage Options
Owning a condo in Ontario has its perks but maintenance and being prepared in case of damage to your personal stuff or a potential personal liability claim is essential for financial security.
Condo coverage options include three main areas: physical damage, personal liability and additional living expenses. Physical damage coverage includes damage to your possessions, including furniture and clothes due to common perils (fire, water damage, etc.), while personal liability insurance will pay for your legal fees if you are sued due to a covered claim. Additional living expenses include paying for your food, transportation, and accommodation if you need to evacuate your building due to an insurance claim (e.g., mold, flooding, etc.)
If you’re a current condo owner or a new condo buyer, it’s vital you know that your condo corporation’s policy does not cover you or your belongings. Always read through your insurance policy.
Our expert brokers have been in the business for more than seven decades and can help; they understand what you need to know about insuring a condominium and how to stay financially secure.
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Are you ready to chat with an insurance broker who knows condo insurance inside and out? Speak to one of the Mulvihill Insurance team members to get coverage information and a quote for your condo insurance rate today.