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Condo Insurance in Ontario
If you are looking for condo insurance in Ontario, there are a few factors that will affect your rate. This includes your location, when the condo was built, the construction of the building, how many floors the building has, the value of your possessions and the deductible you want.
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isure Ontario Condo Insurances Means
Loss of Use Coverage
In cases of severe damage to your unit, this coverage provides a substitute place to stay that is consistent with your standard of living.
Personal Property Coverage
Insures personal items, such as clothes and furniture. It also includes your personal items while travelling to other parts of the world.
Over and Above Loss Assessment Coverage
Covers lawsuits or damage above and beyond what the condo association’s policy covers.
Building Property Coverage
Insures items of the physical property, including any alterations, renovations or additions made.
Personal Liability Coverage
Protects you if others make a claim or bring a lawsuit against you for bodily injury or property damage for which you or a family member are responsible, either in your home or elsewhere.
Ontario Condo Insurance FAQs
Is there a difference between personal and corporation condo insurance?
Why do I need personal condo insurance?
● Your belongings and property
● If you make improvements to your condo unit, including upgrading your countertops, cabinets, flooring, etc.
● Personal liability if something gets damaged in another unit or if a visitor gets injured in your unit.
● Other events that cause damage to your unit or the units around you. For example, if a pipe were to burst in your unit and causes water damage to your downstairs neighbour’s unit, you could be on the hook for the condo corporation’s policy deductible.
I rent out my condo. Are there different options I should be aware of?
1. Unit Protection – If your occupant causes damage to your unit, it may not be covered under your current coverage. Speak with an isure broker to go over your policy to see if you require more coverage options.
2. Rental Income Protection – To help protect your monthly rental income, you can add protection for fair rental value and additional living expenses. This is a great option as it may protect your income if your unit becomes uninhabitable.
Do I need extended water damage coverage?
isure’s Ontario condo insurance options
isure Home-Based Business Insurance
Use in conjunction with isure renter’s insurance if you are running a business in your rental property.
Additional Living Expenses
Covers you for common types of loss (fire, theft, etc.). The policy will clearly state where extraordinary situations are excluded.