Toronto, ON Condo Insurance – Condo’s Are Sexy and So Is Insurance!
Why do I need Condo Insurance?
You love your condo, love all the amenities, the security and the safety it provides you. It is where you keep your most prized possessions and enjoy the company of friends and loved ones. At TSG, we can help you find a condo insurance policy that fits the needs that are specific to those of a condo unit owner.
If you own a Condo, you are responsible to insure the contents of your unit from the walls in, as well as any improvements or betterments that you may have made to your unit. This policy is similar to the homeowners policy in that there are standard forms, Comprehensive, Broad and Basic or Named Perils however, this coverage is provided only on the contents within your unit.
Condo insurance policies provide no coverage for the building, since this is the responsibility of the condo association or corporation. Two important coverages that are unique to condominium policies are Loss Assessment and Condominium Contingent Coverage.
Condominium contingent insurance coverage
Although your condo association has coverage on your unit or building, in some instances it may not be enough. In the event of loss or damage to your individual unit, if the condo association’s insurance is insufficient, you, as the unit owner, are responsible for the difference between the amount of damage and the amount available from the building insurance. The contingent coverage addresses this difference.
Loss assessment coverage
Following a loss or damage to collectively owned condo property, condo owners may be required to share part of the loss. This would occur if the condo association’s insurance was insufficient. Loss assessment coverage will pay for your share of the loss, up to a specific limit.
If you have more questions about coverage or would like to speak to one of our knowledgeable advisors, you can chat with them live online or call our office. If you have already read all you need to know, Click here and get a quote and purchase your condo insurance immediately online from the comfort of your own home today!