Insurance plans are there to protect you beyond the condominium association’s existing policy. Your coverage can include personal property inside your unit, upgrades and alterations, injury to you or others on the premise, expenses for temporary living accommodations and more. The cost of Ontario condo insurance will vary depending on the type of coverage, the value of your personal property and condo unit, the deductible you choose, as well as any plan extensions or customized packages you require.
You can choose insurance plan and deductible options that will insure your condo in case of, but not limited to:
- Fire and explosions
- Lightning and storms
- Theft or vandalism
- Sewer backup
Condo insurance is not to be mistaken with home insurance. As opposed to homeowners, condo owners do not have a backyard, basement, or shed. Instead condo owners pay a building fee to the condominium association, where a portion of the money contributes to building insurance – anything outside of the unit. This includes hallways, common areas and any amenities such as gyms, pools, hot tubs, saunas or others.
Once you know what you need to insure, it’s easy to determine the appropriate amount of coverage. You will want to cover any fixtures and appliances in the kitchen, bathrooms, as well as any installations and upgrades to the unit. Depending on what you need, there are also special insurance packages and add-ons beyond the basic plan. You can get coverage for personal liability, content, temporary living expenses, damage from environmental incidents and more.
As a condominium owner, insurance coverage is essential to have to fill in the gaps of the condominium association’s insurance policy. With condo insurance, you can feel better about protecting your personal property and home against damages and loss. Insurance Hero can help you insure one of your biggest investments with coverage that is designed for you.
Request a quote today to see how you can protect your personal property and belongings. Or contact a HERO for more information and inquiries.