Condo Insurance In Mississauga
As soon as you settle into Mississauga, you’ll feel like you’re finally home; the city is known for its friendly, welcoming community. It also features beautiful waterfront views of the Credit River and Lake Ontario.
At Westland Insurance, we know that every condo owner has different insurance needs; no two properties in Mississauga are the same. We work hard to find you the best coverage at an affordable price.
With us, you won’t need to worry about your insurance. You can rest assured that you’re paying the right price for the coverage you need.
What Does Condo Insurance Cover?
You’re interested in condo insurance but aren’t sure what it includes. You’re not alone—insurance policies can be notoriously confusing.
At Westland, we know how important it is for condo owners to understand their coverage. With the information below, you’ll be able to make decisions about how much insurance you’ll need and whether your policy needs to be changed:
Every piece of furniture you buy is an investment, from your mattress to your sofa set. As the years go by, you accumulate more and more personal belongings—meaning that the cost to replace them also increases.
Protect yourself from replacement costs with condo insurance. With this coverage, you’ll be reimbursed for the cost of replacing damaged personal property. That includes your clothing, electronics, jewellery, and sports equipment.
Make sure to note the contents coverage limit of your policy. This is the maximum amount that you’ll be reimbursed if you need to make a claim. For additional coverage, consider extending your policy limits.
You can increase the value of your condo in all kinds of ways—add granite countertops, rip out the carpet and install hardwood floors, replace the light fixtures, and more. Each renovation will add value to your condo.
This insurance policy will protect any improvements you’ve made since the previous owner. You can increase your coverage amount based on the value of your renovations.
If someone is injured while visiting your home or you accidentally cause damage to a neighbour’s home, liability insurance will cover the medical expenses and/or legal fees.
A standard liability policy comes with $1,000,000 in coverage. You can increase it to $2,000,000 for additional protection.
Liability insurance protects you even when you’re away from home. It protects you if you’re deemed to be responsible for another person’s injuries or property damage. Liability insurance is essential and a big reason you need condo insurance.
Did you just find out that your condo needs repairs? While the work is in progress, you may be required to make alternate living arrangements, and with this insurance, you won’t need to pay for those costs out of pocket. Your insurance will cover additional living expenses like hotels and meals.
Has there been damage to a common area in your building? Your condo association may not be able to cover the total cost of repairs. In that case, it may fall to condo owners to pitch in. Loss assessment insurance will protect you from these costs. If there is a lawsuit against the condo corporation, this insurance will also apply.
What Does It Not Cover?
An insured loss is any peril that your policy covers.
But there are also uninsured losses—perils that fall outside of your coverage. Depending on your policy, this may include damage from earthquakes, overland flooding, or sewage backup.
Don’t fret: Additional coverage is available. If you want to be insured against these losses, just contact your insurance provider.
You may not be covered for a claim if the amount of damages exceeds your policy limits. Each part of your policy that we listed above (personal property, upgrades/improvements, and personal liability) only covers you up to a certain amount.
Beyond that limit, you’ll need to pay for damages out of pocket. If you’re concerned you don’t have enough coverage, consider increasing your policy limits.
Coverage Options for Insurance
Your lifestyle is unique, just like your condo. If you’re looking to expand your condo insurance coverage, take a look at the following options:
- Sewer Backup. If your sump pump fails or water travels from the sewer system back into your home, the repair and replacement costs can be enormous. Protect yourself with sewer backup coverage.
- Service Line Coverage. Get covered for the repair or replacement costs for water pipes, electrical service lines, and sewer pipes.
- Home System Protection/Home Equipment Breakdown. If there is an electrical or mechanical breakdown in your building (including HVAC systems), this endorsement will reimburse you for the costs.
- Watercraft. Do you store any type of boat on your property? Protect it with watercraft insurance.
- Condo Unit Owners Loss Assessment Coverage. Help cover the costs of a special assessment with this insurance policy.
- Condo Unit Owners Improvement Coverage. Every renovation or upgrade you make to your unit is an investment; protect it with this add-on.
- Condo Deductible Assessment. If your condo corporation determines that you need to pay the deductible for a claim, you can get reimbursed for those costs.
- Overland Water. Has your condo been damaged by snow melt, spring run-off, or overflow from a nearby lake or river? Cover the repair costs with overland water insurance.
- Identity Theft. Has your digital information been stolen? Purchase this insurance to help recover from the financial toll of identity theft.
- Home-Based Business. Working from home is more common than ever. If clients visit you at your condo, get the liability and contents protection you need with home-based business insurance.
Keep in mind that your eligibility for these add-ons will depend on your location and your particular condo building.
Condo Insurance FAQ
We’re here to clear the air about all things related to condo insurance. With this FAQ, you’ll find answers to the most commonly asked questions about insuring a condo in Mississauga:
If you want to pay for the minimum insurance, choose the lowest limits on your policy, and don’t purchase any optional add-ons.
However, we don’t recommend going with the minimum amount of insurance. If you need to make a claim, you may find that your coverage is inadequate, and the cost of damages can far outweigh the price of insurance. Consider upgrading your policy to get all the protection you need.
The areas you’re responsible for vary depending on your condo association. Typically, you and your condo corporation are responsible for common areas (including the pool, the gym, and the stairwell). If you’re looking at buying a condo in Mississauga, find out exactly what you’re responsible for before you purchase insurance.
With a high-rise condo, you’re responsible for what’s inside the walls of your unit. Any common or exterior areas are maintained by the condo association; they collect condo fees to help cover the maintenance costs.
But with a bare land condo, you own the land that your condo is built on. This is typical with single-dwelling units or semi-detached dwellings (townhouses and duplexes). Alternatively, you may buy it as a vacant plot of land and build a property on it.
Depending on your condo corporation, you may be responsible for grass cutting or snow removal; in other cases, the condo association is responsible for maintenance.
You want to insure your condo without breaking the bank. By managing risks in your condo and lowering the likelihood of a claim, you may be eligible for a discount.
Lower the costs of your insurance by doing the following:
- Set up a sprinkler. If a fire breaks out in your condo, a sprinkler system will extinguish the flames before they spread. This will reduce the damage a fire may cause and thereby lower your insurance costs.
- Install a water leak detection device. Find water leaks early to prevent water damage with a leak detection device.
- Company loyalty. By staying with the same insurance provider for multiple years, you can get a company loyalty discount. Consider bundling your property insurance with your auto insurance to save even more.
- Claim the mature customer discount. If you’re over a certain age, you may be able to claim a mature customer discount.
- Install a local or monitored alarm. Reduce the likelihood of theft or break-ins by installing a security system.
- Work with an insurance broker. Find the lowest rates by contacting an insurance broker. At Westland, we make it our mission to find you the best coverage at the most affordable rates.
If you’ve compared insurance rates with another condo owner, you might wonder why yours are lower or higher than theirs.
Even for condos in the same building, insurance rates vary. They’re determined by:
- Claims history. Never had to make an insurance claim? Your rates will be lower if you have a claims-free history.
- Building construction. If your condo building isn’t up to code or is made with less-sturdy materials, your unit will cost more to insure.
- Credit score. If you have a good credit score, it could net you a discount on your insurance.
- Upgrades & improvements. Any renovations that increase the value of your unit will also increase your insurance costs.
- Location. Condos in areas with high rates of flooding or vandalism will be more expensive to insure.
- Property type. High-rise condos and bare land condos have different insurance rates.
Just as a landlord’s insurance does not cover their tenant’s belongings, your condo corporation’s insurance does not cover the contents of your unit.
The condo association has property insurance for the building itself; this includes the roof, the heating system, and the common areas. To protect the personal belongings within your unit, you need your own condo insurance policy.
Get Condo Insurance Quotes Online With Westland
Finding the perfect insurance coverage isn’t easy. But with Westland, it can be.
If you’re looking for tenant insurance, condo insurance, or home insurance in Mississauga, we can help. With years of experience in the insurance industry, our advisors are knowledgeable and friendly. We’ll discuss your insurance needs, risk management, and estimates for your condo coverage with you.
For more information, contact us today!