Condo Insurance – Prince Edward Island
Whether you’re in a high-rise building or a spacious loft, life happens in your condo, and we’re here to protect it. This might be your first home-owner experience, or you’re downsizing from owning a home for years. No matter what led you to condo life, it’s great for low maintenance and stress-free living so that you can focus on what’s most important. Your condo may be a significant investment in your life; let us help protect it.
As your insurance experts, we know that each home in Prince Edward Island is unique in its own way. From those who live along the scenic coastline to condo buildings located in the vibrant city centre of Charlottetown. It’s not hard to understand why people are proud to call Prince Edward Island home.
We understand it’s vital to protect what’s most important to you and your family. Our expert insurance advisors are here to ensure you’re protected and provide peace of mind so you can focus on what’s important in your life.
Why Choose Westland?
We know that your insurance needs to match your goals, your lifestyle and your budget. Our expert condo insurance advisors get to know you, so that they can tailor a policy to your exact needs.
We’ll find the best coverage for you at the right price so that you can continue to live your life the way you want to.
Insurance can be complex sometimes. Let our expert insurance advisors do the heavy lifting! We’ll help you find a policy that you feel is the best fit and provides peace of mind. To learn more about the benefits of being a Westland client, click here.
Condo Insurance Explained
Condo insurance not only protects your own space but the shared spaces with your neighbours as well, from the special touches within your space to coverages that protect you even when you aren’t at home. Condo corporations have insurance that generally covers the whole building in terms of the structure and common areas. Your condo policy provides coverage for your personal belongings and betterments or improvements you’ve made to your space.
That’s just the beginning! We have access to all the best condo insurance products in Canada. No matter what protection you need, we’re sure to have a solution for you!
Your belongings are more than just furniture collected over the years. It’s electronics and clothing jewellery, and even sports equipment and musical instruments. including your storage locker in the building that houses belongings as well. You may be surprised that the value of your items adds up to more than you thought. If your personal property needs to be replaced due to a claim, you’ll be glad you had the right coverage in place.
Whether you’ve been hard at work improving your space or have benefited from the previous owner’s renovations, these investments need to be reflected in the value of your condo. Upgrades or improvements to the standard unit can include cabinets, lighting, flooring, countertops, etc.
This coverage is a crucial aspect of your condo policy. This protection covers yourself and any people who live in or visit your condo if you’re sued, whether someone is hurt while in your condo or something unintentionally happens that causes damage. Suppose you’re hosting guests and someone trips on your entryway rug. They suffer a broken arm and can sue you for medical expenses. Your liability coverage can step in to cover the costs.
Suppose your condo can’t be occupied due to a related insurance claim; your condo insurance policy will cover living expenses during this time. The cost of alternative living arrangements will be covered, even extending to meals until you’re back home.
If the condo corporation/association policy doesn’t cover the total damage to common areas, this will cover your share. It can also respond if there are insufficient funds in the case of a lawsuit against the corporation/association.
What Factors Determine the Cost of Condo Insurance?
There are so many types of condos, which means not all policies will cost the same. Aside from the type of policy and coverage that you choose, factors that affect your condo insurance price include:
- Property Type
A high-rise condo compared to a bare land condo will each have different rates
Postal codes provide insight into areas prone to flooding, vandalism, and other claims made
- Upgrades and Improvements
Any improvements from the standard unit will need to be factored in
- Claims History
There may be a discount applied if you’ve never had a claim
- Credit Score
You can choose to a have a soft touch credit check to apply a discount, depending on your credit score
- Building Construction
The materials used to build the structure as well as those specific to your unit
Review Your Insurance and Get a Quote with Westland
Ready to discuss your insurance needs? Our expert advisors are here to review your current insurance policies, discuss your unique needs, and find the perfect condo insurance policy for you. Whether it’s over email, the phone or in person we are ready to help! To get started on a quote now and see price estimates for your condo coverage, click the button below. Our advisors will contact you right away and help navigate your risk management needs. Of course, we are always available to talk over the phone or in person. Check out our locations page to connect with an office closest to you!
Ways to Save on Condo Insurance in Prince Edward Island
- Mature Customer
- Claims Free
- Local or Monitored Alarm
- Water Lead Detection Device
- Company Loyalty
Optional Protection Available to Enhance Your Coverage
Based on where your condo is located as well as your lifestyle, there may be additional coverages available to you, such as:
- Identity Theft
- Home Based Business
- Overland Water
- Sewer Backup
- Service Line Coverage
- Home System Protection/Home Equipment Breakdown
- Condo Unit Owners Loss Assessment Coverage
- Condo Unit Owners Improvement Coverage
- Condo Deductible Assessment
Water damage is the most common claim we see when it comes to condo ownership. Appliances can fail unexpectedly, such as a supply line, and cause flooding throughout your space. This can cause upwards of $10,000 worth of damage. The right condo insurance policy will help mitigate these risks and get you back to your normal as quickly as possible.
Our goal is to find the best coverage for you so that you can continue to live your life the way you want to. To learn more about being a Westland client, click here.
10 Fun Facts About Prince Edward Island
- Although an island, there is no place on PEI where you’re more than 16 kilometers from the ocean.
- PEI is home to Anne of Green Gables and you can actually visit the house that inspired the book which is near Cavendish Beach.
- Potatoes are a large part of Prince Edward Island as agriculture is the largest industry. In 2020, $518 million worth of fresh or processed potatoes were exported.
- The famous red soil that can be found in PEI comes from the high iron content which oxidizes when exposed to oxygen in the air.
- Tourism is a large part of Prince Edward Island, with over one million visitors to the province each year.
- If you’re a fan of golf, PEI is the place for you. With over 33 courses across the island there is sure to be many water hazards to watch out for!
- Fishing is one of the top industries for PEI. Tuna, cod, lobsters, clams, mackerel, mussels and scallops are all sourced from the PEI fishing industry.
- As a coastal province, PEI sees it’s fair share of wind. However, wind power generates around 15% of the electricity used.
- The Mi’kmaq First Nations (Micmac) were the first inhabitants of Prince Edward Island. It was named Epekwitk which means “cradled on the waves”.
- The capital of PEI, Charlottetown, was named after Queen Charlotte who was the wife of King George the third.