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Condo Insurance: What’s Covered, and Other Things You Need to Know

Purchasing a condominium can be an exciting next step in your life. Unfortunately, sometimes things go wrong—even in a condo. When this occurs, you will want to ensure that you have the right insurance coverage. But what does that really mean?

Understanding what your policy covers, and how it works, can help you to feel confident, even when faced with unexpected circumstances. In this article, which we put together with the help of TD Insurance, we will explore condo home insurance policies and what they cover.


What Kind of Insurance Coverage Do You Need for a Condo?
Unlike auto insurance, home insurance isn’t mandatory by law, however, your mortgage company and/or condo corporation may require it as a condition of your financing / ownership of the property. Even it a situation where home insurance isn’t required, considering the size of the investment in your home and your belongings, as well as your financial well-being, it’s highly advisable to have home insurance to protect you in the event of the unexpected. To fully understand your insurance and the kind of coverage that you need, it is important to learn what kind of coverage your policy provides.

Contents Coverage
Contents coverage protects your personal belongings in event of a loss. Imagine everything which would fall out of your condo were it to be flipped upside down. From standard household items like furniture and appliances to higher valued items like jewelry or fine art to name a few. Now, think about how much it would cost to replace all that stuff. That is the amount of contents coverage you require. Depending on your circumstances, you may need to purchase additional coverage for your high-value or specialty items. TD Insurance offers a range of Add-ons to customize your coverage to fit your needs.

Building Coverage
When you own a condo, you are both a part-owner of the common elements and the sole owner within your unit. This means you will have coverage under two insurance policies. The condo corporation (sometimes referred to as the strata corporation or syndicate) is responsible for insuring the common elements, which includes those parts of your unit included in the “standard unit definition”.

Your insurance policy provides three different categories of coverage related to the building.

First, coverage for any upgrades to your unit finishes (generally called “unit improvements and betterments”).
Secondly, coverage for special assessments levied by the condo corporation due to damages caused by an insured peril.
Thirdly, coverage to protect you in the event that the condo corporation has no insurance, or its insurance is inadequate or not effective.
This may sound complicated, but TD Insurance offers a simple global coverage solution to help you ensure you are protected in the event something goes wrong.

Additional Living Costs
If your condo was unlivable due to a covered loss, where would you go? Most condo insurance policies will provide coverage for additional living expenses you incur. This coverage also helps you if you are ordered by a civil authority to leave you home, for instance, to escape from an approaching wildfire or flood.

Personal Liability
As nice as it is to have guests over, believe it or not, this can come with some risks. Accidents do happen, even when we are careful. Personal liability coverage provides financial protection in the event you are held responsible for injury to another person or for damage to their property.

How Much Coverage Should You Get?
Your insurance coverage is the amount and extent to which your insurance will cover a financial loss you suffer in the event that something goes wrong. The limits and specific types of coverage you need can be unique to each individual, depending on their situation. In short, there’s no one-size-fits-all policy. Talking with your insurance company directly can help you understand how much coverage you need based on your personal circumstances, and the associated premiums you'll pay for that coverage. It’s also a good idea to check with your condo corporation to see if they have any specific requirements, or recommended coverage amounts, based on their experience and the coverages afforded by the condo corporation’s policy.

When you partner with an insurance professional, like TD Insurance, to find the best coverage for you, it will help you feel more confident in your policy. Through their guided digital quote process, TD Insurance will explain the relevant coverages and make a specific coverage recommendation based on your unique needs. If you still have questions, you can easily contact one of their licensed insurance advisors to ask additional questions or get expert advice.

What Factors Can Influence Your Premiums?
Your insurance rates can vary, even from those of your neighbours. Some influencing factors are beyond your immediate control but there are also decisions that you can make to influence your rates.

Coverage Amount
How much coverage you want and what risks you’re covered for, impacts your premiums. As a general rule, the more coverage you have the more likely you are to pay a higher premium. It makes sense because the insurance company may have to pay out more under a wider variety of circumstances.

Risk
Insurance rates can differ significantly from one area to the next. A lot of the time, this comes down to overall risk. Areas that are known to have a high number of claims are generally considered a higher risk for insurance companies and are rated accordingly. Premiums may be higher since it is more likely that they will have to pay claims in that area. Your own home insurance claims history may also be considered, along with other factors, like whether you live in your condo or rent it out.

Discounts & Savings
Many insurance companies offer discounts or additional savings that can help reduce your costs. Some common examples include preferred rates for alumni & professionals, savings for bundling your condo and car insurance together (in areas where TD Insurance offers Auto coverage); and even savings for purchasing your condo insurance policy online.

The Takeaway
As a condo owner, you will want to ensure that both you, and your property, are financially protected. TD Insurance can help you to navigate through the insurance buying process and will work with you to help you find ways to save on your insurance premiums.

Learn more about Condo Insurance, and get a quote with TD Insurance to see how much you could save.

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