Condo insurance in Toronto
Condo insurance in Toronto protects your property and its contents. Condo Insurance is different from home insurance as there are two components to condo insurance: Exterior and interior condominium insurance requirements.
The condo association owns the exterior elements of your condo building, whereas the condo owners own the interior of their units and belongings. Condominium insurance policies are usually comprehensive. Therefore they cover much more than just your personal belongings, any improvement or betterments made to your unit, and legal liability.
Is condo insurance in Toronto mandatory?
Condo insurance in Toronto, and the province of Ontario, is not mandatory by law. However, many banks and mortgage lenders require condo owners to have proof of insurance before finalizing a mortgage.
As an owner of a condo, you are responsible for the interior of your unit. This typically includes any interior walls, fixtures, and personal belongings. You may also be responsible for any common areas such as parking lots, lobbies, media rooms, etc. In the event of a claim, ensure that your unit and its contents are properly protected. If you don’t have condo insurance in place, this may result in you having to pay out-of-pocket for these losses.
Insurance brokers believe in protecting this aspect of your life. A home is often the most significant financial investment any of us will ever make. Speak with an insurance broker to ensure that you and your unit are properly protected.
How much condo insurance do I need in Toronto?
You need enough condo insurance to properly protect your contents, personal belongings, and any upgrades you have done to your unit in the event of a loss.
There is no limit to how much condo insurance coverage you can purchase. You can purchase additional coverages if the standard limits are not enough to suit your needs.
Mainly, you want to focus on how much your personal belongings cost for each household member. A member in the household may be a dependent, such as someone away for school or a family member living in a nursing home. Belongings include, but are not limited to, clothing, furniture, electronics, or collectibles. A useful guide is to annually record all the items you own. This helps you to keep track of your property. Any changes should be shared with your insurance broker to be sure your condo insurance provides the coverage you need.
Another aspect to consider is to include upgrades you make to your unit in your condo owners insurance – this will protect your financial investment. An example of this would be if you upgraded your kitchen countertop to a marble countertop. Be sure to tell your insurance broker about upgrades.
Overall, the amount of condo insurance in Toronto that you need to protect your assets varies in each circumstance. You have to choose an amount of condo insurance that adequately insures all of your belongings. Advice and guidance from an insurance broker can help to ensure your personal property is protected should the unexpected occur.
What does condo insurance in Toronto cover?
Condo insurance in Toronto covers your contents, liability, additional living expenses, any betterments or improvements done to your unit, and loss assessment.
With condo insurance, you will be covered for:
- All personal belongings in your home, such as your clothes, electronics, furnishings, etc., would be protected against an insured claim up to an amount outlined in the condo contents insurance you purchase.
- Liability coverage. Condo owners insurance provides peace of mind if someone comes into your condo and gets injured. Whether someone slips slip on your kitchen floor or is bitten by your pet, medical bills and any subsequent litigation is covered under your condo insurance.
- With additional living expenses coverage, if your condo is not suitable for living, due to an incident such as a fire, you will need to find living accommodations while repairs are completed. Condo insurance will cover the costs to permit you to live elsewhere.
- Betterments and improvements to your unit, including hardwood floors, counter tops, new cabinets, are also covered by condominium insurance. Be sure to discuss these with your insurance broker.
- Loss assessment coverage in condo owners insurance is essential when there is an issue with a common area such as the roof, exterior siding, lawn, trees, parking area, and other exterior parts to the unit, and all condo owners have to pay a portion to help repair the damage. All condo owners own a portion of the common areas. There are multiple extended coverages such as water, or high-valued items that can be added to your condo insurance policy.
- There are multiple extended coverages such as water, or high-valued items that can be added to your condo insurance policy.
Be sure to speak with an insurance broker who will help ensure that you and your unit are properly protected.
What does condo insurance in Toronto not cover?
Standard condo insurance in Toronto does not cover exclusions such as damage caused by wear and tear, rust, corrosion, gradual deterioration, insects and rodents (termites, squirrels, mice, etc.), repeated leakage or seepage of water, the freezing of indoor plumbing, or intentional or criminal acts.
You may be able to purchase additional coverage to protect against some of the above-excluded coverages. For example, you may want to consider purchasing sewer backup or overland water coverage to protect against water losses.
How much does condo insurance in Toronto cost?
Condo insurance in Toronto can cost between $500 to $2,000 annually, however, there are multiple factors in determining the price of your condo insurance. Some of those items include what items you want to ensure, how much coverage you are looking for, the location of your condo, the insurance company you deal with, and more.
When you contact an insurance broker you will get several condo insurance quotes. These will permit you to review different policy coverages and costs offered by different insurance companies. Insurance can be paid by several installments over the yearly term or once annually. This can be helpful when budgeting. It’s best to discuss these options with your insurance broker.
When should I shop for condo insurance?
It is best to shop for condo insurance when you purchase a condo. In many cases, your mortgage lender will require condo owners insurance before your condo purchase closes. The best practice is to have your condo insurance policy active about 10 to 30 days prior to your closing date.
Setting up a condo insurance policy in Toronto is quite simple. Insurance brokers are trained in condo insurance and will shop at several insurance companies to get several insurance quotes for the protection you need at competitive prices. You can review the condominium insurance quotes with your broker’s help and decide which policy is best for you.
The Canada Mortgage and Housing Corporation has a checklist for buying a condominium. Make sure insurance is checked off your list!
Where can I buy condo insurance in Toronto?
At Morison Insurance we are more than happy to assist you in getting the best condo insurance in Toronto. Get your condo insurance quote by filling out the form on our website, or by contacting us at 1-800-463-8074. Let us show you the Morison Insurance difference.
The Morison Insurance difference
At Morison Insurance, we represent more than 25 insurance companies across Canada, and we will get numerous quotes for your condo insurance in Toronto.
When you are a Morison Insurance customer, you will receive excellent service and can select among the best condo insurance products. You will have a dedicated insurance broker looking after all of your insurance needs. If you need to make a change to your condo insurance, have a question, want quotes for other types of insurance, Morison Insurance is here for you. Your dedicated Morison Insurance broker is available to meet all of your insurance needs.
We will also look for ways to save you money at every opportunity. We have access to dozens and dozens of insurance discounts. We also have access to insurance savings if you purchase several types of insurance with one insurance company.
We shop to help you save, and your broker at Morison Insurance is at your service whenever needed.
This content is written by our Morison Insurance team. It is provided for general information only. Insurance needs differ from person to person, and this article is therefore not a substitute for professional advice about your individual insurance needs which can be obtained by speaking to one of our brokers.
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At Morison Insurance we represent dozens of Canada’s best insurance companies. All provide competitive prices, excellent service and outstanding claims service. We will shop at all of these companies to get you the best insurance for your individual needs.