The need for Condo Insurance in Toronto

By November 12, 2017Blog

Condo insurance in Toronto is different for everyone and is custom made in order to provide right coverage for each individual’s needs. Almost everyone in Toronto wishes to own a condo that watches Lake Ontario. With plenty of condominium options available ranging from old artistic lofts and brick townhouses to large-scale apartments, condo insurance in Toronto covers your personal property and parts of your unit.

The following are covered in condo insurance in Toronto:

All-Risk – Condo insurance in Toronto covers the parts in your unit. It also takes care of expansions and improvements made to your unit from losses due to the extensive range of risks), exceptwhen it is excluded from the policy as intentional damage.

Personal Liability – Condo insurance in Toronto also covers its holders in case of unintentionally injury caused to someone or if someone else’s property gets damaged due to a problem in the holder’s condo.

Contents Insurance – Condo insurance in Toronto also takes into account holder’s belongings in case of any unforeseen events or mishaps. This means that the valuables in the condo are insured at the actual price and can be replaced without any depreciation rate being charged on the same.

Loss Assessment – – Condo insurance in Toronto is pivotal as it pays for losses caused to the common buildingbecause of the threat.

Additional Living Expenses – Condo insurance coverage in Toronto will help its policy holders pay for equitable and essential expenses, including accommodation, hotel, and food cost. This happens in cases when the condo owner is forced to leave the apartment due to a mishap in the condominium.

It is also important to have a good knowledge of the condo association’s shared insurance policy covers. If you are condominium owner then you only have the individual unit outright along with shared ownership of the rest of the condominium building. When seen from insurance’s point of view, it means that, as owner, you have a shared accountability for covering the common areas of the condominium or building. Usually, the fee of this condo insurance is already a part of the condo fee. It is very important to know which parts of the complex or condominium building are insured through dues association.

Was this information helpful?