Condo Insurance London
London, Ontario, is a city with a rich history. It was founded in 1826 but was inhabited by Indigenous Peoples for over 10,000 years before that. Today, it’s a city full of culture and heritage.
London is known as The Forest City thanks to its abundance of trees. It’s made up of many beautiful neighbourhoods, from Glen Cairn Woods to Berkshire Village. When you explore London, you’ll find Museum London, Fanshawe Pioneer Village, and the Covent Garden Market.
Owning a condo in London means you can enjoy a low-stress and low-maintenance lifestyle. But just like a home, a condo is a substantial investment. Protect it with condo insurance in London.
Feeling nervous about finding the right insurance? Navigating insurance doesn’t have to be complicated. That’s where our insurance brokers step in.
At Westland Insurance, we’re here to help you protect your condo the right way. Our expert insurance advisors are always available when you need advice, whether you want help making a claim or customizing your coverage. Here’s how our insurance services can help you protect your investment:
Condo Insurance in London, ON, Explained
First of all, you may be wondering why you need insurance if your condo corporation already has it. We’ll start by clearing up what your condo insurance covers:
As a condo owner, you own the unit itself. You own the floors, the paint on the walls, and the contents of your suite. Your insurance protects all of that. You’re also partly responsible for common areas of the building (the lobby, the elevators, the pool), which you share ownership of with other building occupants.
Your condo corporation has insurance to protect the building itself, for example, the roof, the common areas, and the building exterior.
So, you need insurance to protect both your unit, what’s in it, and the common areas that you’re partially responsible for. Here’s what your condo insurance offers:
Your condo doesn’t truly feel like home until it’s filled with all your personal belongings. Your personal property is important to you, and condo insurance helps you protect it.
Condo insurance would cover the replacement cost if you were to lose your belongings from an insured peril. You’ll be reimbursed for the value of your items up to the amount specified in your policy. Make sure to choose content coverage that accurately reflects what it would cost to replace your items with ones of similar value.
Your insurance should also reflect the value of your condo unit. If you make any improvements to the place (such as installing new floors or light fixtures), this should be factored into your insurance.
Imagine if your condo got damaged by water or fire. If it were being repaired, you’d want it to maintain the upgrades you made to it. That’s why you should update your insurance whenever you renovate your condo.
Liability insurance is often the least understood part of condo insurance, but it’s incredibly important. This policy protects you if someone is hurt while visiting your home and decides to sue you for medical expenses. It also covers you if you cause property damage to a neighbour’s unit. Liability insurance will cover legal expenses if you’re taken to court.
If your condo requires repairs due to an insurance claim, and you need another place to stay, where will you go? You may be required to pay rent, moving costs, and/or extra food costs while you’re away. This policy covers additional living expenses until your condo is ready to live in again.
As we mentioned earlier, condo owners are partially responsible for common areas in the building. If there is damage to a common area and the condo corporation’s insurance doesn’t cover the total amount, this insurance can step in to pay your share.
How Much Is Condo Insurance in London?
In Canada, the average cost of condo insurance is $32/month. But prices vary from province to province and city to city. Before you’re given a rate, insurance companies look at claims data, exposure to risk, and experience ratings in your area.
Want a more specific quote? With Westland, it’s easy! Get one online using our website or call us directly.
What Factors Determine the Cost of Condo Insurance?
The cost of condo insurance is different, even for units within the same building. Your rates are determined by the following:
- Claims history. Have you made insurance claims in the past? The more claims you make, the higher your premiums will be.
- Credit score. If you have a good credit score, use it to your advantage! Ask for a soft touch credit check, and you become eligible for a discount.
- Building construction. An insurance company will consider the quality of materials used to build your unit and the condo building structure.
- Property type. What type of condo building do you live in, and how many other people live there?
- Location. Your neighbourhood will affect how likely it is that you’ll make a claim due to a fire, flood, or vandalism.
- Upgrades and improvements. Each time you complete a major renovation, it increases the overall value of your unit. High-value units will cost more to insure.
How To Save on Condo Insurance
Want to save money on your condo insurance? Here’s how to get a more affordable price on your insurance:
- Local or Monitored Alarm. By installing a security system, you can greatly reduce the likelihood of a theft or vandalism incident. Insurance providers often give discounts for condo units with video surveillance systems or monitored alarms.
- Company Loyalty. If you stick with the same insurance company for multiple insurance products, you may get a discount. For example, you can bundle your home and auto insurance.
- Mature Customer. If you’re over a certain age, your insurance coverage may be less expensive.
- Sprinkler. Prevent fires from spreading by setting up a sprinkler system in your condo unit.
- Water Leak Detection Device. Lower the likelihood of a water damage claim by installing a water leak detection device.
- Claims Free. If you haven’t made a claim in a few years, you’ll get a claims-free discount!
Optional Protection
If you want even more coverage, you can choose from these optional endorsements. Eligibility for these add-ons will vary based on your location and lifestyle. You can choose from the following:
Those who run a business out of their condos face additional risks. For complete protection of your office equipment and liability risks, consider home-based business insurance coverage.
If you store a boat on your property, then this coverage is for you. Make sure to inquire about watercraft coverage to protect your boat.
Concerned about flooding? This endorsement offers more protection for water damage claims, specifically those caused by heavy rainfall, snow melt, and overflow from nearby lakes and rivers.
Even if you live on the 20th floor of a high-rise building, you can still benefit from sewer backup insurance! This insurance coverage pays for repair costs if sewage backs up into your home, which can be caused by a clogged or damaged sewer line.
- Home System Protection/Home Equipment
- Breakdown
- Identity Theft
- Service Line Coverage
- Condo Unit Owners Loss Assessment
- Coverage
- Condo Unit Owners Improvement Coverage
- Condo Deductible Assessment
Claims Example
When might you need to make an insurance claim? In general, you should make a claim when the cost of damages greatly exceeds that of your deductible.
With condos, water damage is one of the most common reasons for a clam. This can happen when an appliance fails or a water line bursts, leading to flooding throughout your unit. Water damage can be incredibly costly. Mitigate the risk with a comprehensive condo insurance policy.
Why Choose Westland?
We know that insurance can get complicated, especially if it’s your first time buying property insurance. It’s our goal to make it easy to understand your coverage, save money on insurance, and tailor your policy to your lifestyle.
We compare quotes offered by different insurance companies to get you the lowest prices on condo insurance in Ontario, home insurance, and auto insurance. When you choose us, you’ll discover the advantages that being a Westland client has to offer.
Get a Condo Insurance Quote in London Today!
Now, you have all the information you need to choose the perfect condo insurance policy. Our insurance advisors can help you with the next step. We’ll get you affordable rates on a variety of insurance products, including car insurance, home insurance, tenant insurance, and more, contact us today!
FAQ
If you still have questions about your condo insurance, check out the FAQ below:
You’ll be protected from the following risks:
- Fire
- Vandalism
- Falling objects
- Wind damage
- Theft
If you want protection from overland flooding or earthquakes, contact your insurance provider to inquire about additional coverage.
Need help choosing an insurance company? An insurance broker at Westland can review all your options with you to find the right fit for your lifestyle, your budget, and your location.
On our website, you can get an online quote, request a quote, or find a branch near you. Get insurance with Westland today!
You should update your policy whenever you:
- Buy a valuable personal belonging
- Get a new roommate
- Complete a major renovation in your condo
- Make a lifestyle change (quit smoking, have a baby, start working from home)
- Get a pet
- Change addresses
We’re Here to Help
Whether you’re looking for insurance for your first home or wanting to discuss your existing policy, our team is ready to help. Connect with us today.
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