Condo Insurance Toronto

It’s one of the most important parts of your coverage, and for good reason: Can you imagine your life without your personal belongings? Not only would it be a major inconvenience, but a considerable replacement expense, too.

You won’t need to worry about paying out of pocket with personal property coverage. This insurance applies to all the belongings within your unit, including your furniture, musical instruments, sports equipment, and more.

The replacement cost of your belongings might surprise you. With condo insurance, you can rest assured that if there’s a fire or break-in, you’ll have the protection you need.

Condo owners are free to renovate their units how they wish; it’s one of the advantages of owning rather than renting. You might have all sorts of ideas for how you’ll improve your unit—granite countertops, brand-new cabinets, and/or high-end light fixtures.

With each improvement you make, you’ll increase the overall value of your condo. And it’s important to insure it accordingly; otherwise, you may not be reimbursed for the total value of your condo. Be sure to factor in any renovations you’ve done when choosing your coverage limits.

This policy covers any medical expenses or legal settlement costs you may be liable for.

Personal liability coverage applies if someone is injured while in your condo unit. For example, a guest may slip on a rug and break their arm. They’ll have medical expenses and be unable to work until they heal—and you may be responsible for covering these costs.

Liability coverage will kick in to help you pay for it. It also applies if you’re visiting another property and accidentally cause damage.

Your condo unit is where you rest your head. But if your condo unit is being repaired on an insurance claim, it may be temporarily unavailable.

In the meantime, you can rely on your condo insurance to cover extra costs. This may include hotel fees, moving costs, and meals. Additional living expenses coverage applies until you can return to your home again.

Have you received a special assessment from your condo association? If one of the common areas needs repairs (like the swimming pool, elevators, or gym), you may need to cover part of the costs. This can be the case when condo fees aren’t enough to pay for the repairs. Luckily, your loss assessment coverage will help you pay for any required upgrades.

If you’re looking for a condo insurance quote, reach out to us! All we need is a bit of information about your location, insurance history, and what kind of insurance coverage you’re looking for. From there, we’ll compare rates offered by different insurance providers.

When choosing insurance, you should factor in the coverage your condominium corporation has. You can call them to get details about their policy before making your decision.

Next, consider the value of your personal belongings. What do you estimate the total replacement cost would be if you lost those belongings? Then, choose an insurance policy with the appropriate coverage. If the value of your contents is ~$50,000, choose a policy with contents coverage to match.

And finally, take a look at your options for liability coverage. The minimum amount is $1,000,000. This may seem like a lot at first glance, but with certain claims, you may need far more than this to cover medical expenses and legal fees. Give us a call, and you can increase your liability coverage without significantly raising your costs.