Condo Insurance Toronto

Condo Insurance Toronto

If you own a condo in Toronto, you want to ensure that it is properly protected. Condo insurance in Toronto protects not only the interior of your unit but also provides insurance coverage for all of your personal belongings.

A home is often the most significant financial investment any of us will ever make. Ensure it has superior protection.

Is Condo Insurance In Toronto Mandatory?

Condo insurance in Toronto is not mandatory however, many mortgage providers and banks require proof of insurance before finalizing a mortgage.

As a condo owner, you are responsible for inside your individual unit whereas the condo corporation owns the exterior elements of the condo building. This typically includes any interior walls, fixtures, personal belongings. You may also be responsible for common areas such as parking lots, lobbies, or media rooms. In the event of an accident, ensure that your unit is properly protected. Without a condominium insurance policy in place, this may result in you having to pay out-of-pocket for these losses.

While condos are extremely popular in Toronto, you can also get condo insurance for condos in other Ontario cities. An insurance broker can help ensure you have the best protection for your unit.

How Much Condo Insurance Do I Need In Toronto?

You need enough insurance coverage to protect all your personal belongings

You need enough condo insurance in Toronto to properly protect all the contents in your unit and any upgrades you have made to your unit so that in the event of a loss, you will receive the right coverage. The amount of condo insurance in Toronto that you need to protect your assets will vary based on each individual.

You can purchase additional insurance protection if the standard limits are not enough and your condo requires a higher level of protection. It is important that you choose an amount of coverage that adequately insures all of your belongings and investments. A broker will provide advice, guidance, and will explain coverage options to ensure your personal property is protected should the unexpected occur.

Personal Belongings / Contents

How much do all 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, high-value items, or collectibles. You will want to ensure your policy provides enough coverage so that in the event of a loss, your personal items can be replaced. 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 broker to be sure your condo insurance Toronto policy provides the coverage you need.

Upgrades

If you have made upgrades to your unit such as installing a new marble countertop, new hardwood floors or even remodelling a bathroom, be sure to tell your broker about these upgrades. Your condominium insurance Toronto policy will protect the financial investment that you have made to the unit in the event of a loss.

What Does Condo Insurance In Toronto Cover?

Condo insurance in Toronto covers your contents, liability, additional living expenses, any betterments or improvements you have made to your unit, and loss assessment for a range of risks.

Contents Insurance Coverage

All personal belongings in your Toronto condo, such as your clothes, electronics, and furnishings would be protected against an insured claim up to a specified limit outlined in your condo policy. If you have a basement storage unit or storage locker that contains your belongings like holiday decorations, bicycles, or extra furniture, these items will also be covered on your policy. That is why it is important to go through your condo room-by-room to determine the cost of all your personal items so that in the event of a claim, you would avoid having to pay out-of-pocket to replace your belongings due to adequate contents coverage.

Liability Protection

Let's say you are having some friends or family members over and someone slips and falls on your kitchen floor or is bitten by your pet and there is bodily injury. With liability coverage, medical bills and any subsequent litigation will be covered by your condo policy. As a condo unit owner, it makes sense to ensure you have the right insurance protection should anything happen to you, your family, or visitors.

Additional Living Expenses Coverage

If there is major damage and your Toronto condo is not suitable for living due to an incident such as a fire and you are required to find temporary accommodation while renovations are repairs are being completed, your condo policy will cover the costs for you to live elsewhere.

Betterments and Improvements Coverage

If you have made any betterments or improvements to your condo unit, such as updating hardwood floors, installing new countertops or new kitchen cabinets, these improvements will also be covered by your condo insurance Toronto policy. If you have done any renovations to your condo, be sure to let your broker know so they can ensure your unit is protected.

What Does Condo Insurance In Toronto Not Cover?

A typical condo insurance policy in Toronto does not cover 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. Specific exclusions will be outlined in your policy so be sure to review to ensure you have the right protection.

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 damage losses. Note that adding coverage to your condo policy could increase your insurance premium.

When Should I Shop For Condo Insurance in Toronto?

It is best to shop for condo insurance in Toronto when you purchase a condo. In many cases, your mortgage lender will require proof of insurance before your condo purchase closes. The best practice is to have your condo policy active about 10 to 30 days prior to your closing date.

Setting up condominium insurance in Toronto is quite simple. Brokers work with many insurance providers and will compare quotes from multiple insurers to get you the best protection at a competitive price. They will walk you through the entire process giving you peace of mind knowing you are covered.

Where can I buy condo insurance Toronto?

You can buy condo insurance Toronto from Morison Insurance. We work with leading Canadian insurance companies to get you the best coverage for your Toronto condo. Get started today by filling out the form on our website, or by contacting us at 1-800-463-8074. Let us show you the Morison difference.

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.