What Is Condo Insurance?
It feels good to know you’re covered, no matter where you live. If you own a condo, condo insurance can provide that sense of comfort and confidence. Condo insurance is a home insurance product offered by TD Insurance that provides coverage for your personal belongings, as well as any improvements made to the unit you own. Rely on us for liability and Additional Living Expenses coverage that can help you be ready for the unexpected.
Condo Insurance Explained
Condo insurance isn’t mandatory in most buildings, but it’s a type of coverage that can be invaluable if you’re a condo owner facing unexpected expenses.
The insurance provided by your condo corporation (also known as a strata corporation, condo association or syndicate of co-owners) will generally cover the main structure and common areas, but some items are considered your responsibility. When it comes to things like unit improvements and betterments, loss assessments, and belongings, your building's coverage is unlikely to apply. Our Global Amount Coverage is designed to fill these gaps. We'll work with you to determine an appropriate limit for your belongings and then provide 10x that amount of coverage as a single limit, covering unit improvements and betterments, loss assessments, as well as additional living expenses.
Having a separate policy dedicated to your condo protects you in more situations than the condo corporation’s coverage can offer and can protect you beyond the walls of your unit. It’s a home insurance solution you can lean on when faced with the unexpected. Traditionally, a commercial policy is taken by the board of directors to cover the main structure and the common areas. Having condo insurance allows you to cover important stuff like your belongings, the improvements or betterments made to your unit and your personal liability.
Terms Worth Knowing
Here’s a helpful guide to terms that are worth knowing when dealing with condo insurance:
- All-Risk coverage for your belongings in your unit along with improvements and betterments made to your unit. This coverage protects you against losses from all risks (or perils), unless specifically excluded from your policy.
- Personal Liability coverage protects you financially if someone is unintentionally injured or has their property damaged at your residence. Example: someone has a slip-and-fall in your unit, breaks their leg and now cannot work for a period of time.
- Replacement Cost means that in the event of a claim, items would be repaired to their original condition or replaced with new items of like kind and quality with no deduction for depreciation.
- Additional Living Expenses Coverage will help you pay for additional costs that are both necessary and reasonable (like hotel and food costs) in a situation where you are forced to leave your home following a covered loss.
- Loss Assessment is coverage that provides protection for situations when the condo owner is held financially responsible for any of the costs for deductibles or damages to the building, shared areas of property and third party injuries in shared areas. With Loss Assessment, we will pay, up to a stipulated limit, your portion of any loss to common property caused by a risk (peril) you are insured for.
There are a lot of terms that are used in insurance that you might not be familiar with. Don’t worry, we’ve got you covered. Visit our helpful glossary that explains what these frequently used terms really mean.
Is The Average Home Insurance Cost Higher If I Live In A City Like Toronto Or Vancouver?
Potentially. Where you live will likely have an impact on your condo insurance, although there’s no blanket rule. Your location is just one of the factors that can determine your premium. Things like the value of your personal belongings and past claim history can also shape the cost of your insurance.
Why Is Loss Assessment Coverage Important?
Loss Assessment coverage is an important feature of condo insurance because you equally share in the responsibility with the other condo owners for the condominium building. That means that if there is a special assessment (an added fee) levied on your condominium building, all the condo owners must split the cost of the assessment.
What About My Storage Locker? Is That Covered By Condo Insurance?
Yes! Whether your belongings are stored in your condo unit or another part of the building (like a storage locker), your valuables are protected with condo insurance.
How Do I Get My Condo Insured?
Getting started is easy. We offer personalized quotes online to suit your needs.
We can guide you through any questions you might have about condo insurance. Get in touch with a TD Insurance Advisor today.
Prefer an online experience? No problem. We offer live chat support on our website, with TD Insurance Advisors ready to help you.