Your Condominium Needs to Be Protected.
Your condominium needs the protection of a strong, comprehensive condo insurance policy. At Dawson & Keenan, we understand how the rules of condo associations can affect the decisions you make regarding condo insurance. Let us help give you the peace-of-mind you need and the value you want.
Condo owners are often surprised to learn how differently condominium insurance works compared to regular home insurance. Before you find yourself in the difficult situation of making a claim, let’s get you up to speed – and also encourage you to discuss your current protection with the experts at Dawson & Keenan.
Unique Considerations If You Own a Condo
There are two critical considerations that affect how you’re covered for loss or damage in a condo. First, it’s imperative to understand what insurance your condo corporation requires with regard to betterments and improvements. That includes gaining a clear understanding of your condo association’s by-laws – that’s where it helps to have the advice of the insurance professionals at Dawson & Keenan to review the fine print with you.
Second, it’s worth noting that there is no standardized policy for condo insurance in Ontario. Every policy is written differently, with its own conditions. Again, this where Dawson & Keenan brokers can assist. We know condo insurance, and we can walk you through the type of coverage that you need.
Do You Really Need Condo Insurance?
The short answer is ‘yes’. Although condo insurance is not legally required in Ontario, if your unit is found to be the starting point of any building damage, due to a fire or a leak, you may be responsible for covering the building’s repair costs.
While your complex has its own commercial condo insurance, this coverage only applies to common areas. You need your own coverage to protect yourself from a variety of situations. For example:
- Protect your personal belongings inside your condo.
- Protect yourself from the financial responsibility of repairing damages in your condo or to the complex from a fire, leak, or similar insured events.
- Protect you from liability if a guest is injured in your unit.
- Help pay for insured assessments imposed by the condo association for the complex or your individual unit.
Condo Insurance Options to Know
As mentioned above, there is no standardized condo insurance in Ontario. Here’s a rundown of the coverage options you should consider. Your Dawson & Keenan broker can help you decide which option is right for your needs.
- All-Risks Coverage – Covers contents of your unit as well as improvements or betterments that result from a named peril.
- Personal Liability – Covers you if anyone is injured while inside your unit.
- Contents Coverage – Covers your personal belongings up to a specified limit.
- Replacements Coverage – Covers the cost of replacing damaged/total loss items based on their original value.
- Additional Living Expenses (ALEs) Coverage – Covers your additional expenses for lodging, food, and other expenses if you are forced to live elsewhere due to a condo fire or other covered risk.
- Improvements and Betterments Coverage – Covers any improvements or upgrades to your unit made by you or any previous owner.
- Loss Assessment Coverage – Covers you for any loss or damages to the common elements of your condo (entrance, pool, games room, etc.), the cost of which can be levied back on you by the condo corporation.
