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Condo owners have unique insurance needs. Youngs Insurance Brokers Inc. can work with you to determine if this coverage is right for you.
Condominium insurance, or condo insurance, can protect your personal belongings, improvements to your unit, and any damage you may accidentally cause to other units. Your Condominium Corporation will have insurance for the building itself and its common areas, but it doesn’t cover what’s inside your unit or any condo improvement you may make.
Helps to protect the belongings in your unit and improvements made to your unit. This coverage protects you against losses from all risks, unless specifically excluded from your policy.
Helps to protect you financially if someone is unintentionally injured or has their property damaged at your residence and sues you for damages and repairs.
Help cover expenses like moving costs, or temporary living expenses if you can’t live in your condo while repairs are being made after a claim has been made.
In the event of a claim, helps repair items to their original condition or replace them with new items of like quality with no deduction or depreciation.
The condo corporation will have its own insurance policy to cover:
If you're looking for the right condo insurance, our brokers can help you find suitable coverage options at a great price.
No, condo insurance is not mandatory by law in Ontario, but some condo associations may require it as part of your contract or mortgage agreement.
Anyone in Ontario who owns a condo and lives in it or owns a condo and rents it out should consider having condo insurance. It can protect you against various risks if a situation occurs.
There are various factors that determine the cost of your tenant insurance such as the age of the condo building, the value of your personal belongings, leasehold improvements, past claims, and location.