Condo Insurance Broker Hamilton
As a condo owner, you’ve invested a lot of time and money into your home, and it’s important to protect that investment with the right insurance coverage. At Levitt Insurance Brokers Ltd., we have a team of skilled insurance brokers committed to delivering tailored insurance solutions that cater to your specific requirements and budget. Our inclusive coverage options ensure you feel secure, knowing you are safeguarded against unforeseen losses, damages and liability claims.
Condo insurance can be complex, with many coverage options and policy exclusions. That’s why working with an experienced insurance broker who can help you navigate the different options and find the right coverage for your specific needs is important. Here at Levitt Insurance Brokers Ltd., we specialize in condominium insurance and have helped countless condo owners in Hamilton and the surrounding areas find the right coverage for their homes. Whether you’re a first-time condo owner or you’ve been living in your unit for years, we’re here to help you protect your investment and give you the peace of mind you deserve.
Frequently Asked Questions
No. Condo corporations are responsible for insuring the building and common areas and providing liability coverage for the corporation and its directors and officers. The condo corporation’s insurance policy typically covers the structure of the building, the common areas, and liability claims related to the corporation’s actions or inactions.
On the other hand, tenant insurance is insurance that renters can purchase to protect their personal belongings and provide liability coverage. Tenant insurance typically covers personal property, liability claims, and additional living expenses if the rental property becomes uninhabitable due to a covered loss.
While the coverage provided by condo corporations and tenant insurance may overlap in some areas, they are distinct types of insurance coverage with different purposes. Condo owners should have condo insurance to protect their units and personal belongings, and the condo corporation should have insurance to protect the building and common areas. If you are renting a condo, you should consider purchasing tenant insurance to protect your personal property and provide liability coverage.
Our licenced insurance brokers at Levitt Insurance Brokers Ltd. can help you find the right condo insurance coverage for your needs and budget. Contact us today to learn more.
Generally, no. As a condo owner, you are responsible for insuring your own unit and personal belongings, but the condo corporation is responsible for insuring the building and common areas.
However, there may be situations where the condo corporation’s insurance policy is insufficient to cover the full cost of repairing or replacing the building after a covered loss. In these situations, the corporation may assess individual condo owners for a portion of the cost.
Condo owners can protect themselves against these assessments by purchasing condo insurance, including loss assessment coverage or contingent coverage. By reviewing your condo corporation’s insurance policy to help you understand what is and is not covered, you can better understand how much coverage you’ll need.
While condo insurance is not legally mandatory in Hamilton, Ontario, it is typically required by the condo corporation’s bylaws.
In Hamilton and the surrounding areas, condo corporations typically require condo owners to maintain insurance coverage for their units and personal belongings. This requirement is in place to ensure that individual condo owners are financially protected in case of unexpected damages or losses and to help prevent disputes over who is responsible for repairs or replacements.
In addition to the condo corporation’s requirements, having condo insurance is also a wise decision to protect your investment and personal belongings. Condo insurance can cover damages to your unit and personal property and provides liability coverage if you are found legally responsible for causing bodily injury or property damage to someone else.
At Levitt Insurance Brokers Ltd., we understand the importance of having condo insurance and can help you find the right coverage to meet your needs and budget. Contact us today to learn more about your condo insurance options.
Condominium protection insurance protects condominium corporations in Ontario against unexpected losses and damages. This type of insurance provides comprehensive protection for the building, common areas, and condo corporations’ directors and officers.
Condominium protection insurance typically includes property insurance and liability insurance. Property insurance protects the building and common areas against damages or losses from covered events like fire, storm damage, or vandalism. Liability insurance protects the condo corporation if it is found liable for causing bodily injury or property damage to others.
In addition to these basic coverages, condominium protection insurance may include coverage for additional risks unique to condominiums. For example, this insurance may consist of coverage for loss assessments, which may be levied against individual condo owners if the condo corporation’s insurance policy is insufficient to cover damages or losses to the building or common areas.
At Levitt Insurance Brokers Ltd., we specialize in providing customized insurance solutions for condominium corporations in Ontario. Contact us today to learn more about how we can help you protect your condo corporation.
There are several different types of coverage options available for condo insurance. Here are some of the most common types of coverage for condo insurance:
- Dwelling coverage: This coverage protects your condo unit’s structure, including the walls, ceilings, and floors.
- Personal property coverage: This coverage protects your personal belongings, such as furniture, electronics, and clothing, against unexpected damages or losses due to covered events like fire, theft, or water damage.
- Liability coverage: This coverage protects you if you are found legally responsible for causing bodily injury or property damage to someone else. It can help pay for legal expenses and damages if you are sued due to an accident within your condo unit.
- Loss of use coverage: This coverage can help cover additional living expenses if your condo becomes uninhabitable due to a covered loss, such as a fire or flood.
Additional coverage options
Several additional coverage options may be available, depending on your specific needs and circumstances, including:
- Loss assessment coverage: This coverage can protect you if the condo corporation assesses individual condo owners for a portion of the cost of repairs or replacements to the building or common areas that exceed the amount covered by the condo corporation’s insurance policy.
- Upgrades or improvements coverage: This coverage can protect any upgrades or improvements made to your condo unit that are not covered by the standard condo insurance policy.
- Water damage coverage: Water damage is a common issue in condominiums, and it can cause significant damage to your personal belongings and the building. Some condo insurance policies may exclude coverage for certain types of water damage, so checking whether you need additional water damage coverage is important.
- Identity theft coverage: Identity theft is becoming an increasingly common problem, and some condo insurance policies may offer coverage to help you recover from the financial and emotional impacts.
Sewer backup coverage: This coverage can protect you in case of a sewer backup, which can cause significant damage to your personal belongings and the building.
Yes, an insurance company can cancel your condo policy in Hamilton, but certain conditions must be met for the cancellation to occur.
Under the Ontario Insurance Act, insurance companies can cancel or non-renew a policy under certain circumstances, such as non-payment of premiums, misrepresentation or fraud on the policyholder’s part, or a substantial change in the risk insured.
However, an insurance company cannot cancel a policy for discriminatory reasons or as a form of retaliation against a policyholder who has made a claim.
It’s important to review your condo insurance policy and understand the terms and conditions of the policy, as well as the reasons for which the insurance company may cancel or non-renew your policy. If you are concerned about your policy being cancelled, you should speak with your insurance broker to discuss your options and ensure you have the best coverage.
No. While they share some similarities, they are designed to provide coverage for different types of properties.
Home insurance is designed for single-family homes, townhouses, and other stand-alone properties. Home insurance typically covers the structure of the house, personal belongings, and liability coverage. It may also include coverage for other structures on the property, such as sheds or detached garages.
On the other hand, Condo insurance is designed specifically for condo owners and typically provides coverage for individual units, personal belongings and liability coverage. Condo insurance may also offer coverage for upgrades or improvements made to the unit.
Another key difference between home insurance and condo insurance is that condo insurance may include coverage for loss assessments. If the condo corporation’s insurance policy does not provide enough coverage to repair or replace common areas, individual condo owners may be responsible for paying a portion. Condo insurance with loss assessment coverage can help protect condo owners.