Condo Insurance Oshawa
When you buy a condo in Oshawa, you can spend less time worrying about property maintenance and more time enjoying what you love most about this city. Known as Canada’s Motor City, Oshawa is the perfect city for car lovers. It has the highly acclaimed Canadian Automotive Museum, and one of its top employers is General Motors.
Have you decided to buy a condo in Oshawa? Condo insurance allows you to feel secure knowing your investment is protected. At Westland Insurance, we take a personalized approach to safeguard your condo. When you work with us, you’ll get access to some of the best condo insurance products in Canada.
Condo Insurance Explained
Condo insurance covers you if you’re facing a liability issue, if your personal property is damaged, or if you need to live elsewhere while your condo is being repaired. It protects you from a variety of perils, including vandalism, theft, fire damage, and windstorms.
With condo insurance, you get protection for your unit and the spaces you share with your neighbours. This includes:
Take a moment to picture all your belongings in your condo: Clothing, appliances, furniture, sports equipment, art, and more. Now, think about what it might cost to replace those if they were damaged by a fire or stolen from your home.
Once you lay out all the costs, you realize the importance of condo insurance. This essential coverage will pay for any belongings damaged or stolen up to the limit specified in your insurance policy.
Planning a major renovation? Many condo owners don’t realize that this affects their insurance rates. Think of it this way: Each time you renovate your condo, its value increases. This means that if you make an insurance claim, it will cost more to repair your unit.
So, when you finish installing new floors or renovating your bathroom, be sure to update your condo insurance policy.
If you’re found to be at fault for causing property damage or bodily injury, you could be charged with a lawsuit. For example, what if you were hosting a dinner party when one of your guests slipped on the floor and broke their leg? They could sue you for medical expenses, in which case, your liability coverage would help you pay for the costs.
To illustrate this part of your insurance, let’s imagine what might happen if your condo was damaged by a fire. While your unit was being repaired, you’d need another place to stay. Any additional living expenses (including hotel costs and meals) will be covered by your insurance.
Just like with home ownership, condo buildings come with surprise expenses. If there is extensive damage to one of the building’s common areas, you may be required to pay for part of it. Loss assessment insurance will help you cover it.
How Much Does Condo Insurance Cost in Oshawa?
As a condo owner, you already balance a handful of expenses; you pay for your mortgage, condo fees, and other living costs. You’re probably wondering how a condo insurance policy will affect your budget.
Insurance rates are different from city to city and province to province. In Canada, the average monthly cost of condo insurance is $32. In Kenora, it costs $67; in Thunder Bay, it’s $46.
To get a quote that’s tailored to your condo in Oshawa, reach out to Westland Insurance today!
What Factors Determine the Cost of Condo Insurance?
Now that you know what you can expect to pay, you’re probably wondering which factors affect your premiums. You already know that the type of coverage you choose will determine your costs, but what other factors are at play?
When an insurance company calculates your rates, they’ll consider the following:
- Building construction. What materials were used to build your condo unit and the building itself?
- Credit score. Your insurance provider might look at your credit score to determine your risk level.
- Claims history. Take advantage of the claims-free discount if you’ve never made a claim before.
- Upgrades and improvements. Have you renovated your condo since you moved in? These upgrades will be factored in, too.
- Location. Your insurance provider will reference your postal code to determine the likelihood of vandalism, flooding, and other types of damage.
- Property type. Do you live in a high-rise condo that stretches to the sky in Oshawa? Or a bare-land condo? Each of these property types will have different rates.
How To Save on Condo Insurance
Want a lower rate? You might qualify for the following discounts:
- Mature Customer
- Claims Free
- Local or Monitored Alarm
- Water Leak Detection Device
- Company Loyalty
Optional Condo Protection
If you’re looking to add more coverage to your condo insurance, you’re in luck. We can customize your coverage with the additional protection you’re looking for. Depending on your location, you may qualify for the following endorsements:
- Home System Protection/Home Equipment Breakdown. Get coverage for when major appliances suddenly break down, like your fridge or home computer. This policy covers your repair or replacement costs.
- Home-Based Business. Are you self-employed? If clients visit you at your condo or you store office supplies at home, you need home-based business insurance. This gives you the extra liability and content coverage you require.
- Watercraft. Add watercraft coverage to your condo insurance policy, and you’ll get additional protection for your boat.
- Sewer Backup. Sewage can back up to your home if there’s a clog in the line, a collapsed pipe, or a sump pump failure. And along with the clean-up costs, you’ll also need to replace any belongings damaged by sewage. Sewer backup insurance will relieve you of these expenses.
- Service Line Coverage. If you need to replace your sewer line, electrical line, or water line, service line coverage will come in handy.
- Identity Theft. If your personal information is stolen, the consequences can be daunting. This insurance policy helps you recover after your banking password, ID, or SIN is stolen.
- Overland Water. Protect yourself from water damage caused by heavy rainfall, overflow from nearby bodies of water, and snow melt.
- Condo Deductible Assessment. If there’s damage to a shared area of the condo and your condo corporation makes an insurance claim, you may be required to pay part of the deductible. Get your share covered with this insurance.
- Condo Unit Owners Loss Assessment Coverage. Is your condo building facing a large repair? With this policy, you’ll get additional coverage for special assessments.
- Condo Unit Owners Improvement Coverage. If your condo needs to be repaired or rebuilt, any expensive improvements you make to the unit (like lavish hardwood floors or a high-end speaker system) will be included.
What kinds of claims are most common for condo owners? Based on our data, water damage is one of the leading causes of condo insurance claims. Whether your bathtub overflowed or a pipe burst, water damage can cause upwards of $10,000 in damage. To make sure you’re protected from these risks, give us a call, and we’ll help you customize your coverage.
Why Choose Westland?
We believe that insurance doesn’t have to be complicated. That’s why we make it easy to get a custom condo insurance policy tailored to meet your needs, suit your lifestyle, and fit your budget.
When you become a Westland client, you get:
- Assistance through the claims process
- Insurance brokers with a better understanding of your specific needs
- Answers to all your questions about condo insurance
- Excellent value that goes beyond your policy
Get a Quote on a Condo Insurance Policy in Oshawa Today!
You’re ready to get an excellent rate on your condo insurance, and we’re here to help.
At Westland, we can assist you with a variety of insurance products, including home insurance, auto insurance, business insurance, and more. If you’re ready to get started with condo insurance in Oshawa, contact us today!
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