Condominium living requires specialized insurance to meet condo residents’ needs. Morison Insurance has the industry experience and knowledge to provide you with the best possible advice to look after your condo insurance. Ontario condominium unit owners may not realize they need their own separate condo insurance policy and insurance held by their condo association or corporation. Ontario condo insurance provides personal property coverage and personal liability.
Our expert condo insurance brokers at Morison Insurance will ensure you have adequate coverage for your investment.
In Ontario, condo insurance provides protection against losses or damage to your condominium, your belongings, betterments and improvements you have made, and liability for insured damage or injury to others while in your condo are all part of condo insurance. Ontario homeowners who have invested in a condo should protect that investment with the right insurance coverage. It’s important to note that you also need liability coverage for common areas of your condominium building, such as the lobby or gym. It’s also a good idea to consider loss assessment coverage that will provide funds to cover the cost of a claim deductible should it be assessed to you by your condo corporation or association if there is damage to the building that exceeds the coverage limits of the condo association master policy.
While it’s not legally mandatory to have condo insurance, Ontario condo residents may be required by their mortgage lender or condo corporation to have a condo insurance policy. Should you not have a mortgage, this coverage is still wise protection for your residential investment, which is often the biggest investment many of us have.
Having Ontario condo insurance is smart protection because, as we all know, losses or damages can be expensive. With insurance, you are reducing your exposure to paying the costs to cover any losses on your own.
It is important to have Ontario condo insurance to protect your home in case of a loss. Condominium insurance protects your financial investment in your condominium home. It covers what is inside your unit—damage or loss to your unit, your belongings, any improvements you may have made to your condo and your personal liability. Without a condo insurance policy, if you have a loss, you will have to cover the costs of the loss on your own.
It’s also important to know that you must have condo insurance if you have a mortgage on your condo. Your mortgage lender will require you to have Ontario condo insurance when purchasing your new home. Should any damage occur to your unit or cause any accidental damage to someone else’s property in a unit nearby, condo insurance will cover your damages and liabilities. Most importantly, this type of policy lets you enjoy condo living with full peace of mind knowing you are properly covered.
No, the condominium corporation’s policy does not cover your personal insurance needs as a condo owner. There is no coverage in the corporation’s policy for your personal unit, the belongings inside it or your personal third-party liability. To protect your personal belongings inside your unit, you require personal condo insurance coverage. An Ontario condo insurance broker can assist with this.
You need enough condo insurance coverage to protect the value of items in your unit. Third-party liability coverage and repairs for losses to your unit from the wall studs should be included in your policy for condo insurance. Ontario condo owners should first consider the value of their belongings. You need to insure them to their replacement value. You should consider asking for at least $2 million in liability coverage. This will help to protect you if you are sued should someone be injured while at your premises. Consider the amount of protection you need in case of damages to your unit from perils such a fire or theft. It’s important to get the advice of a condo insurance broker who can help you to determine how much insurance you need.
Think about what you need to protect. An insured peril is an unexpected event that is accidental. You should insure the unit in case of damages such as fire, theft and other perils. Do you have expensive jewellery? An expensive bike? Do you want extra coverage for art? What is the value of your expensive belongings? How much personal liability coverage should you have? An Ontario condo insurance broker will discuss coverage options suited to your needs.
Ontario condo insurance covers your property and liability. Property coverage includes losses to your condo and any upgrades to the unit and the contents. It also provides additional living expenses if you cannot live in your condo while repairs are made following an insured loss. Liability coverage includes damages or losses to others while inside your condo, regardless of whether you are present at the time of the loss or not. You are also covered for items in a storage locker if you have one in your condo building. This is because your locker is considered to be part of your insured unit. Find information about some more specific coverages below. For an accurate condo insurance quote, contact the team at Morison Insurance.
Your condo corporation’s master insurance policy covers the building and common areas. It doesn’t provide coverage for any upgrades you or previous owners made in your unit. Betterments and improvements coverage is an important coverage included in a condo policy.
It’s important to note that some companies automatically offer a separate limit for this coverage, whereas others require you to include the amount in the content limit. Any betterments and improvements done to the unit (whether from the previous owner or by the current owner) must be accounted for in order to have coverage. Even something as simple as a new coat of paint is considered part of betterments and improvements. Should a loss occur, the condo board will only replace what was original to the unit when it was first built.
Occasionally, the condo corporation may impose a special assessment on all condo unit owners to cover significant repairs to the condominium building if it has been damaged and the condo corporation insurance policy is not adequate. If that happens, a special assessment is levied on all the condo owners. A loss assessment endorsement can be added to your personal condo insurance to help cover these costs. Ontario brokers at Morison Insurance are happy to discuss the limit options available or begin a condo insurance quote.
Your condo policy will also provide coverage for all your personal belongings up to your chosen limit. Personal belongings include items such as a washing machine, dryer, TV, computer, sofa, clothing and similar items possessions inside your condo. Make sure you have enough contents coverage to permit you to replace these items with new items should they be lost due to a covered peril. As is the case with property insurance policies, you may want to film a video of your possessions or keep a home inventory list, so you have a record of your personal items in your condo.
Personal liability coverage protects you in case of property damage or bodily injury to others inside your unit. We strongly advise that you get as much liability coverage as you can afford. Legal rulings can far exceed $1 million when a claim advances to court. In these cases, the condo owner would be required to pay for the difference between the liability coverage stipulated in the condo insurance policy and the amount of the court ruling.
For example, if you are found liable for $1.5 million in damage and only have $1 million in liability coverage, the condo owner (the insured) must pay the additional $500,000 out of their own pocket.
The additional cost to increase your coverage from $1 million to $2 million in liability coverage is very reasonable—usually $10 to $20 more per year. The extra liability protection you receive for this small additional cost makes additional liability coverage a wise investment.
Here are a few examples of when liability coverage on your Ontario condo insurance policy can protect you financially in the event of damage or bodily injury:
Every policy has exclusions that Ontario condo insurance purchasers should be aware of. Common exclusions are wear and tear, maintenance and some types of water damage. Other exclusions may include:
It is important to know what is and what is not covered by your condo policy. An expert condo insurance broker can help review your coverage options.
Yes, an Ontario condo insurance policy covers your personal items such as furniture, appliances, art, clothing, jewellery, camera equipment and computers. There are special limits to the coverage provided for some expensive belongings such as jewellery, art, sports equipment and other high-value items. You can purchase extra coverage—these are called endorsements—to provide protection for these kinds of items so you can recover their replacement value. Be sure to talk to an Ontario condo insurance broker about standard coverages on condominium policies to determine if you need additional coverage to meet your lifestyle needs.
These are just a few of the important questions that you should get answers to before you purchase Ontario condo insurance. A great guide to start with is a home inventory list. This will allow you and our expert brokers, see everything in your condo and its current value. Be sure to speak with a qualified condo insurance broker to get answers to all of your questions before purchasing a policy.
The condominium corporation’s insurance covers the building and common property areas within the building—such as hallways, pools, fitness rooms, party rooms, elevators, recreational facilities and other areas that may be part of the building (the roof, for example). The corporation’s policy typically covers property losses and liability.
Your Ontario condo insurance policy should include ‘Common Elements Loss Assessments’ to provide for your portion of a claim should one occur. This prevents you from paying out of pocket for a deductible if the cost exceeds the limits of your condo corporation’s policy.
A typical Ontario condo insurance policy includes personal liability coverage. Often $1 million or $2 million in liability coverage is provided. It is recommended to purchase at least $2 million in liability protection on your condo insurance. Ontario residents should note that the additional coverage typically costs only $10 to $20 more per year, and you receive an additional $1 million in liability protection. This is a small amount to pay for vastly more coverage, especially when you consider that liability awards—which can involve lawyers and the courts—can be very expensive. Because there’s a strong possibility that the costs could exceed $2 million, it’s a good idea to consider additional personal umbrella coverage ranging from $1 million to $10 million. The umbrella coverage will kick in when the coverage limit on your Ontario condo insurance is reached, preventing you from paying out of pocket for expenses that exceed your original limit. More details on liability insurance are provided later in this article.
Condo insurance is different from homeowners’ insurance in several ways. Homeowners insurance covers the home, outbuildings, property and liability. Ontario condo insurance covers the unit and the contents and provides liability coverage. If you are unsure of the type of coverage you require, speak to a Morison Insurance broker.
The cost of condo insurance is typically between $400 and $1,200 per year. Your insurance rate will increase if you have more things you want to insure or you need to increase your limits. Ontario condo insurance is generally much less expensive than most home insurance policies. Some factors that come into play when determining your condo insurance premium include:
To receive an accurate condo insurance quote based on your specific needs, speak to a Morison Insurance broker. We will compare condo insurance quotes from top Canadian providers to get you the best coverage at the right price.
Below are the average Ontario condo insurance prices per year in nine cities, based on $75,000 worth of contents.
|
Condo Location |
Annual Condo Insurance Premium |
|
Hamilton, Ontario |
$400 – $1,100 |
|
Hagersville, Ontario |
$400 – $1,100 |
|
Oakville, Ontario |
$400 – $1,100 |
|
Ottawa, Ontario |
$400 – $1,200 |
|
Port Dover, Ontario |
$400 – $1,100 |
|
Simcoe, Ontario |
$400 – $1,100 |
|
St. Catharines, Ontario |
$400 – $1,100 |
|
Tillsonburg, Ontario |
$400 – $1,000 |
|
Toronto, Ontario |
$550 – $1,200 |
There are several ways to save on your condo insurance. Ontario residents can benefit by being aware of some of the more popular ways to save on your condo insurance premium, including:
Ready to start saving on your condo insurance? Contact the expert insurance advisors at Morison Insurance. We will get you the best condo insurance quote for your specific needs.
Yes, mortgage companies do require your mortgage to be listed on your policy for Ontario condo insurance.
A policy deductible is the amount you will have to pay to cover a claim before the insurance company pays for losses covered in your Ontario condo insurance policy. In the event you need to make an insurance claim, the insured person pays the deductible on an Ontario condo insurance policy. For example, if your deductible is $1,000 and you have a loss of $3,000, you will pay your deductible of $1,000, and the insurance company will pay $2,000.
You can buy Ontario condo insurance from the insurance experts at Morison Insurance. We are an award-winning team of insurance professionals who help many condo owners to get personalized policies. We proudly work with Canada’s leading insurance companies and will compare condo insurance quotes to ensure you get the best coverage at the right price. Get started today by calling 1-800-463-8074 or by filling out the contact form on our website. Your protection is our top priority.
