Condo Insurance Coverage: Explained

When you think of the word "home," you most likely imagine a detached house with a yard and a white picket fence. Although this may be one type of home, it's far from the only option you can choose from in Ontario.

If you're looking for a living space and having a hard time making a final decision, you may want to consider looking at some of the condos in your local area. Condos are a fantastic option for individuals who wish to own their living space but don't have the money to invest in a single-family home.

But, before you sign on the dotted line, we suggest that you take a moment to familiarize yourself with the ins and outs of getting condo insurance in Ontario. Continue reading if you'd like to have condo insurance coverage explained to you by our experts at Surex.

Do you need help finding cheap condo insurance quotes in Ontario?

Once you're familiar with condo insurance, you can start comparing your options. If you want expert advice and access to fantastic discounts, you should contact a licensed Surex insurance advisor today.

Our team of advisors takes pride in our ability to supply high-quality condo insurance quotes to Ontarians.

We do this by leveraging our working relationship with the best condo insurance carriers in the country, which allows us to get the inside scoop on the best deals and discounts.

Contact one of our advisors today to see for yourself and learn how you can save upwards of 25% by bundling your policies with one of our providers.

What is condo insurance coverage and why is it important in Ontario?

Condo insurance is a type of coverage that financially protects condo owners from an array of risks that could damage the property.

There are several reasons why condo insurance is crucial; however, the primary factor is that condo owners are responsible for the following components:

• Bathrooms
• Kitchens
• Walls
• Floors
• Contents

If you don't have sufficient coverage and something happens to your living space, you will have to pay for the damage out of pocket. In contrast, if you have valid condo insurance, your provider will cover all or a portion of the damage (the amount you receive depends on the level of coverage you have).

With this in mind, you can see how condo insurance benefits Ontarians.

Is condo owners protection coverage required in Ontario?

In most cases, you will more than likely need to purchase condo insurance. Most mortgage lenders require prospective owners to obtain coverage for the property (this is also the case if you are buying a house).

Mortgage lenders do this to protect their investments; for instance, if something happens to the property they've invested a large amount of money in, they know that they’re financially protected by your condo insurance.

What does condo insurance cover in Ontario?

Although the exact components and level of coverage vary from policy to policy, condo insurance typically includes the following:

• Contents protection
• Personal liability
• Walls and floors

Contents protection

In Ontario, contents protection covers the contents of the living space (i.e. your belongings) from a variety of risks, ranging from vandalism to residential fires. Some examples of the contents that are protected by condo coverage include electronics, furniture and clothing. Please note that some items, like expensive jewelry, often have coverage limits (you can expand these limits by increasing your premium).

Personal liability

Condo owners can use their personal liability insurance to financially protect themselves if a third-party (like a friend, family member or neighbour) injures themselves in their living space. Personal liability also covers third-party damage that you're legally responsible for (for instance, your dishwasher leaks, which leads to a leak in the living space below you).

Walls and floors

As mentioned earlier, the condo owner is responsible for the walls and floors of the living space. So, it only makes sense that your condo insurance policy would cover walls, floors, ceilings, appliances, cabinets and fixtures.

Additionally, condo insurance in Ontario always features the following components:

• Condominium contingency coverage
• Loss assessment coverage
• Improvements and betterments
• Condominium deductible coverage

Contact your insurance advisor to learn precisely what your personal policy covers. Doing this will help you decide if you want to keep your current level of coverage or possibly invest in an upgrade.

How can you find condo insurance in Ontario?

There are a handful of different ways to find condo coverage in Ontario. But, the easiest way to find quality coverage is by using an online brokerage, like Surex. At Surex, we can provide condo owners with upwards of ten personalized quotes in ten minutes or less! This means that we can help you find and save on condo insurance in the same amount of time as it takes to make your morning cup of coffee!

Is condo insurance expensive?

In Canada, the average price of condo insurance ranges from $30 to $50 a month.

However, Canadians should note that a long list of factors influence the price of condo insurance; one of the most important factors is the property's location.

For instance, condo insurance in British Columbia has skyrocketed over the past few years. Condo owners in British Columbia saw a 40% price increase for coverage. Most insurance experts feel that this is related to the frequency and severity of the natural disasters in British Columbia.

In contrast, provinces like Ontario aren't as prone to these risks, making condo insurance more affordable.

Tips for saving on condo insurance in Ontario

Feel free to use these tried-and-true tips if you'd like to save on condo insurance:

• Purchase a recently built property
• Consider bundling your policies
• Increase your deductible (note that you'll have to pay more upfront if you make a claim)

Condo insurance coverage explained Ontario — what have you learned?

Now that you understand how condo insurance works and why it's beneficial, it's time to start comparing quotes! As a reminder, if you need help finding or comparing condo insurance quotes, don't hesitate to contact a licensed Surex insurance advisor.