Condo Insurance In Ottawa
Living in a high-rise condo in Ottawa means you can enjoy all the spectacular sights of the city from up high. Look out your window, and take in the sights of Parliament Hill and the winding Rideau Canal. There’s something breathtaking about the simple beauty of Ottawa.
If only insurance were that simple. Condo insurance can seem overwhelmingly complicated. What’s personal liability insurance for? How are insurance rates determined? And how do you know if you’re adequately protected?
Insurance doesn’t have to be stressful. At Westland, our mission is to make it simple. Below, we’ll cover everything you need to know about condo insurance in Ottawa:
How Much Does Condo Insurance Cost in Ottawa?
As a condo owner, you know that life happens, and you’re always budgeting for the unexpected. Naturally, you’re wondering what your insurance will cost you.
The only way to know for sure is to get a quote from an insurance broker. We’ll put together a personalized quote at Westland based on your address, insurance history, and coverage needs.
Perils Covered in Ottawa Condo Insurance
What exactly is covered by your condo insurance? It’s an important question to ask. When you understand your coverage better, you can make informed decisions about how much insurance you need.
With a standard condo insurance policy, you’ll get coverage for damages related to the following:
- Fire
- Wind damage
- Theft and vandalism
- Loss or replacement cost of your personal belongings
- Hotel costs while your condo is unavailable
What's Not Covered With Condo Insurance in Ottawa
Not all claims will be covered. While it depends on your specific policy, certain perils will be excluded from your coverage. We’re going to briefly explain what those might be:
The first one is extreme weather events that are not named in your policy. With a standard policy, you probably won’t be covered for damages related to earthquakes and floods (unless you purchase additional coverage).
Another common claim that may not get covered is related to water damage. Some types of damage do fall under your condo insurance—for example, if water leaks into your condo because of a neighbour’s mistake.
But if your water damage is due to overflow from a nearby river, then you won’t be covered. Again, you’ll need to buy more insurance to get this claim covered. You’ll find more about optional coverage in the next section.
The last thing to note here is your policy limits. Your contents coverage and personal liability coverage will protect you up to a certain amount. Any damages that go over the amount specified in your policy will not be covered. If you’re worried that you’re underinsured, consider increasing your policy limits.
Optional Condo Insurance in Ottawa
You want to purchase coverage that protects you from a wide range of perils. Depending on your location, you may be eligible for the following:
If your personal information is stolen, you can rely on your insurance to help you recover from the financial toll of identity theft.
Plan to run your business from home? Make sure you have the right insurance for it. Home-based business insurance will give you more protection for liability issues and your office equipment.
If water overflows from a lake or river, the damages won’t be covered by a standard policy. Get protection from overland flooding with this add-on.
Condo owners know that water damage can have devastating consequences. Give yourself extra protection with sewer backup coverage, which will pay for any damages caused by a broken or clogged sewer line.
You can’t predict when your fridge or oven will break down, but you can bet it won’t be at a convenient time. This insurance policy will help you cover any sudden repair or replacement costs of your major home appliances.
- Condo Unit Owners Loss Assessment
- Coverage
- Watercraft
- Service Line Coverage
- Condo Unit Owners Improvement Coverage
- Condo Deductible Assessment
Do I Need Condo Insurance in Ottawa?
On top of paying condo fees and your other bills, you may be trying to justify the cost of your insurance. Is it really worth it?
Absolutely. And here’s why:
Your condo corporation has its own insurance, but it doesn’t apply to the personal belongings in your unit. As a condo owner, everything from the paint on the walls to the furniture in your bedroom is your responsibility. That’s why you need your own insurance policy.
Levels of Condo Insurance Coverage
How much coverage does your insurance offer? We’ll break down exactly what your condo insurance covers. Keep reading for a closer look at what you can expect from your condo coverage:
Enjoy peace of mind knowing that everything inside your condo unit—from your computer to your action figure collection—will be protected by your contents insurance.
Even if you think you don’t have that much stuff, the value of your belongings may surprise you. Once you add up the costs, you realize how important insurance will be if you ever make a claim.
You plan to renovate your condo over the years to steadily increase its value. Be sure to keep your insurance in mind as you do. Every time you upgrade your unit (by adding new floors, light fixtures, or countertops), you’re raising its value.
The increased value should be reflected on your insurance policy. Otherwise, you may be underinsured. Be sure to let your insurance providers know each time you finish a major renovation, and they can adjust your policy accordingly.
A liability issue could come up if someone is injured in your home—for example, if they slip on your doorstep or trip over a rug. If that person takes legal action against you, you may be responsible for paying medical expenses and lawsuit fees. Your personal liability insurance will cover the costs.
When will this part of your condo insurance come in handy? Anytime your unit is being repaired or renovated after an insured peril. Here’s an example:
So you’ve just made a condo insurance claim, and you’ve caught wind that it’ll be covered. Great! But you may need major renovations before you can stay in your home again—and that could take months.
In the meantime, your insurance company pays for any additional living expenses. This includes your hotel costs, takeout meals, and moving costs.
You own your unit, but you’re also partly responsible for common areas in your building, places like the mail room or the lobby. If these areas are damaged, you’ll probably need to pay for part of the repair costs.
Your condo corporation’s insurance policy may not cover the damages entirely. Luckily, your condo insurance will pay for your share of the deductible or other expenses.
Why Is Ottawa Condo Insurance So Expensive?
If you’re wondering why your condo rates have gone up, it may have to do with your insurance history. Have you made a claim recently?
One way to lower your condo insurance rates? Contact an insurance broker. At Westland, our expert advisors compare all the rates offered by different insurance providers in Ottawa. Then, we find you the most affordable price for the coverage you need.
Get a Quote on Your Condo Insurance Policy Today!
You’re looking for a great rate on your condo insurance in Ottawa. And you’ve come to the right place. Leave it to our insurance experts to find you the best coverage at the right price.
At Westland Insurance, we can help you with a variety of insurance products, including home insurance, car insurance, and more. Contact us today!
FAQ
Down below, you’ll find answers to the most commonly asked questions about condo insurance in Ontario. And if we haven’t answered all your questions, feel free to reach out to us; we’re just a phone call or email away.
This is a question that all condo owners ask at some point. To narrow it down, ask yourself the following:
- What’s the total value of your personal belongings?
- What’s your risk exposure level?
- What’s your budget?
All kinds of factors affect the cost of your condo insurance policy, including:
- Building construction. The value of the materials used to build your condo will affect its replacement costs. The more it will cost to rebuild your condo, the more it will cost to insure your condo.
- Claims history. Have you made insurance claims in the past? If so, you’ll probably pay higher premiums.
- Credit score. Whether you have a high or low credit score will also affect your rates.
- Upgrades and improvements. Each time you improve your condo unit, it raises its overall value, which makes your insurance cost more.
- Location. What are the rates of flooding or vandalism in your neighbourhood?
- Property type. High-rise condos may cost more or less to insure than bare-land condos.
Here’s how to pay lower insurance premiums while still getting the coverage you need:
- Mature Customer
- Claims Free
- Local or Monitored Alarm
- Sprinkler
- Water Leak Detection Device
- Company Loyalty
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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