Condo Insurance Broker Kitchener
As a condo owner, protecting your investment and personal belongings from unexpected damages and losses is important. Here at Levitt Insurance Brokers Ltd., our experienced team of insurance brokers is dedicated to providing customized insurance solutions that meet your unique needs and budget. With our comprehensive coverage options, you can have peace of mind knowing that you’re protected against fire, theft, water damage, and more. Let us help you safeguard your condo and personal belongings today with the right insurance coverage.
Frequently Asked Questions
In Ontario, condo insurance is a type of property insurance that protects condo owners against unexpected damages and losses. While condo corporations typically have their own insurance policies, these policies usually only cover the building and common areas. As a condo owner, you are responsible for insuring your own unit and personal belongings.
At Levitt Insurance Brokers Ltd., we can help you find the right condo insurance coverage for your needs and budget. Our experienced brokers can walk you through the different coverage options and help you understand what your policy includes. Contact us today to learn more.
Condo insurance typically includes two main components: coverage for the individual unit, personal belongings and liability coverage. This helps pay for repairs or replacements if your unit or personal belongings, such as furniture, appliances, and other personal possessions, are damaged or destroyed due to covered events such as fire, theft, or water damage.
Liability coverage can protect you if you are found legally responsible for causing bodily injury or property damage to someone else. This can help pay for legal expenses and damages if you are sued due to an accident within your condo unit.
Condominium corporations are required by law to maintain insurance coverage that protects the building and common areas and the condo corporation’s directors and officers.
The insurance coverage for the building and common areas typically includes property insurance and liability insurance. Property insurance protects the condo corporation against damages or losses to the building and common areas, such as the lobby, corridors, elevators, and community rooms, due to 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.
It’s important to note that while the condo corporation maintains insurance coverage for the building and common areas, condo owners are typically responsible for insuring their own units and personal belongings.
Condo contingent coverage is an insurance designed to protect condo owners when the corporation’s insurance coverage is insufficient or inadequate. This coverage provides additional protection for condo owners by filling gaps in coverage that may exist in the condo corporation’s insurance policy.
For example, if the condo corporation’s insurance policy does not provide enough coverage to repair or replace a unit after a covered loss or if there is a dispute over who is responsible for damages, the condo contingent coverage can help cover the additional costs.
Contingent coverage can also be helpful when the condo corporation’s insurance policy has a high deductible, which could result in significant out-of-pocket expenses for individual unit owners if a claim is made.
In addition, condo contingent coverage can provide liability protection for condo owners in situations where the condo corporation’s liability insurance is insufficient to cover a claim.
Condo and home insurance are similar in some ways but are not the same. While both protect your property and personal belongings, there are some key differences between them.
Condo insurance is designed specifically for condo owners and typically covers individual units, personal belongings, and liability coverage. Condo insurance may also provide coverage for upgrades or improvements made to the unit.
Home insurance, on the other hand, is designed for homeowners and typically provides coverage for the structure of the home, personal belongings, and liability coverage. Home insurance may also cover other structures on the property, such as sheds or detached garages.
Another key difference between them 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 of the cost. Condo insurance with loss assessment coverage can protect them in these situations.