Condo Insurance Toronto
Toronto: One of the most famous Canadian cities. With a population of nearly 3 million people, Toronto is known for its rich arts and culture scene, awesome shopping spots, and excellent educational institutes (including York University, the University of Toronto, and the Ontario College of Art & Design).
There’s no city quite like Toronto. You’ve decided to buy a condo here because you’re drawn to the city and the low-maintenance lifestyle of condo living. With the busy life you lead in Toronto, you don’t have the time to mow a lawn or shovel a driveway, and in the city, there are plenty of beautiful condo buildings to choose from.
But just like buying a house, there’s a lot to learn before you settle in.
Buying a condo in Toronto? You might need proof of insurance before you move in. If you’ve never bought condo insurance in Ontario before, you might not know where to begin.
Before you buy, you may have questions like:
- How is my insurance different from the condo corporation’s insurance?
- What exactly will my condo insurance policy cover?
- What can I do to save on condo insurance rates?
With condo insurance coverage, you get protection for your personal belongings, liability issues, and property damage.
At Westland Insurance, we take all the stress out of buying insurance for condo owners. We make it simple to insure your belongings with a policy that meets your needs perfectly. And we get you that coverage at the right price.
With us, it’s easy to understand your insurance, customize your coverage, and make claims. Protect what’s most important to you with condo insurance.
Condo Insurance Explained
Did you know your insurance applies to more than the furniture in your condo? That’s right; as a condo owner, you’ll also be covered if you cause damage to the building or to a neighbour’s property.
This is just the start of what your coverage offers. Here’s a closer look:
It’s one of the most important parts of your coverage, and for good reason: Can you imagine your life without your personal belongings? Not only would it be a major inconvenience, but a considerable replacement expense, too.
You won’t need to worry about paying out of pocket with personal property coverage. This insurance applies to all the belongings within your unit, including your furniture, musical instruments, sports equipment, and more.
The replacement cost of your belongings might surprise you. With condo insurance, you can rest assured that if there’s a fire or break-in, you’ll have the protection you need.
Condo owners are free to renovate their units how they wish; it’s one of the advantages of owning rather than renting. You might have all sorts of ideas for how you’ll improve your unit—granite countertops, brand-new cabinets, and/or high-end light fixtures.
With each improvement you make, you’ll increase the overall value of your condo. And it’s important to insure it accordingly; otherwise, you may not be reimbursed for the total value of your condo. Be sure to factor in any renovations you’ve done when choosing your coverage limits.
This policy covers any medical expenses or legal settlement costs you may be liable for.
Personal liability coverage applies if someone is injured while in your condo unit. For example, a guest may slip on a rug and break their arm. They’ll have medical expenses and be unable to work until they heal—and you may be responsible for covering these costs.
Liability coverage will kick in to help you pay for it. It also applies if you’re visiting another property and accidentally cause damage.
Your condo unit is where you rest your head. But if your condo unit is being repaired on an insurance claim, it may be temporarily unavailable.
In the meantime, you can rely on your condo insurance to cover extra costs. This may include hotel fees, moving costs, and meals. Additional living expenses coverage applies until you can return to your home again.
Have you received a special assessment from your condo association? If one of the common areas needs repairs (like the swimming pool, elevators, or gym), you may need to cover part of the costs. This can be the case when condo fees aren’t enough to pay for the repairs. Luckily, your loss assessment coverage will help you pay for any required upgrades.
How Much Does Condo Insurance Cost?
Wondering what the average condo insurance cost is in Toronto? Rates vary from city to city. Depending on the policy you choose, your insurance history, and the value of your condo unit, you can expect to pay between $30-50/month for condo insurance.
What Factors Determine the Cost of Condo Insurance?
The cost of your condo insurance policy will vary depending on:
- Building construction. Which materials were used to construct your unit and the condo building itself?
- Credit score. Those with a good credit score are seen as more likely to make payments, meaning that an insurance company may offer a discount.
- Upgrades and improvements. Any renovations that increase the value of your unit will also increase your insurance costs.
- Property type. Do you live in a high-rise condo? Or does your unit resemble a townhouse? Depending on the type of condo building you live in, your condo coverage costs will vary.
- Location. An insurance company will factor in the rates of fires and vandalism in your area.
- Claims history. Make fewer insurance claims, and your rates will stay low!
Get Lower Rates on Your Condo Insurance Policy With Westland!
Want to discuss your current policy? Looking to buy insurance for the first time? Perhaps you just want to know more about condo insurance. Our team is here to help. When you contact Westland Insurance, we’ll connect you with an insurance advisor who can discuss your specific needs, contact us today!
Ways To Save on Condo Insurance
One thing Toronto isn’t known for is the low cost of living. If you’re looking to save money on your condo insurance policy (but without sacrificing coverage), check out these tips:
- Claims free. Never made a claim before? You can get a claims-free discount!
- Local or monitored alarm. Make your unit more secure, and you’ll save on your insurance, too.
- Mature customer. If you’re over a certain age (50+), you could receive a mature discount.
- Sprinkler. Protect your unit and everyone in it with a sprinkler system.
- Water leak detection device. Suspect that you might have a water leak? With a detection device, you’ll know right away.
- Company loyalty. If you bundle your condo insurance with your car insurance, you could receive a discount.
Optional Protection To Enhance Coverage
You need the right protection for your home—and you shouldn’t have to settle for anything less. You may be interested in the following additional coverage options:
- Service Line Coverage
- Home System Protection/Home Equipment Breakdown
- Identity Theft
- Overland Water
- Sewer Backup
- Condo Unit Owners Loss Assessment Coverage
- Condo Unit Owners Improvement Coverage
- Condo Deductible Assessment
- Home-Based Business
Keep reading to find the answers to the most commonly asked questions about condo insurance coverage:
If you’re looking for a condo insurance quote, reach out to us! All we need is a bit of information about your location, insurance history, and what kind of insurance coverage you’re looking for. From there, we’ll compare rates offered by different insurance providers.
When choosing insurance, you should factor in the coverage your condominium corporation has. You can call them to get details about their policy before making your decision.
Next, consider the value of your personal belongings. What do you estimate the total replacement cost would be if you lost those belongings? Then, choose an insurance policy with the appropriate coverage. If the value of your contents is ~$50,000, choose a policy with contents coverage to match.
And finally, take a look at your options for liability coverage. The minimum amount is $1,000,000. This may seem like a lot at first glance, but with certain claims, you may need far more than this to cover medical expenses and legal fees. Give us a call, and you can increase your liability coverage without significantly raising your costs.