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Condo Insurance 2018-01-15T15:36:41+00:00

Why do I Need Condo Insurance?

I’m Already Paying for Insurance through the Condo Association.

The insurance you pay to your Condo Association is to pay for the Condo Corporation’s Insurance Policy. The Condo Corporation’s Insurance covers the exterior of the building and common areas, but doesn’t cover your property, liability, or anything inside your condo, including in some cases damage from exterior leaks.

Think about it like a jewelry box. The wooden box itself is covered by the Condo Corporation’s Insurance policy. On the other hand, the velvet lining and emerald earrings inside are your responsibility to insure. The trouble with condos is, figuring out what’s wood, and what’s velvet.

You can find out how condo Insurance protects you below or discuss your coverage with one of our expert defenders. You can do that do that by giving us a call at 1-888-298-7343 or,

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Interactive Coverage Map

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What’s Included in my Personal Coverage?

You can tailor your personal coverage to your needs,
but there are several pieces that create the foundation for every policy.

Contents
Coverage

Theft or damage of property will be covered up to a certain limit. Give us a call to be sure you’re covered.

If a claim is made and your condo is uninhabitable for a period of time this coverage ensures that you’re set up in accommodations similar to your condo without additional cost to you.

Additional
Living Expenses

Additional
Living Expenses

If a claim is made and your condo is uninhabitable for a period of time this coverage ensures that you’re set up in accommodations similar to your condo without additional cost to you.

Liability

Even a simple slip and fall could lead to years of legal and medical bills. This coverage ensures that you’re protected if someone sustains an injury while on your property. It also covers you in case an incident in your condo causes damage to someone else’s property.

Any changes made to your unit, including: flooring, counter tops, and cabinetry won’t be covered by the condo corporation’s insurance policy. Insuring them personally makes sure you don’t lose out on your investment.

Improvement
Coverage

(Betterment Coverage)

Improvement
Coverage

(Betterment Coverage)

Any changes made to your unit, including: flooring, counter tops, and cabinetry won’t be covered by the condo corporation’s insurance policy. Insuring them personally makes sure you don’t lose out on your investment.

Unit
Contingency
Coverage

(condo additional coverage)

This policy gives you coverage in the event that the condo corporation’s insurance policy is insufficient to cover losses to your personal condo and return it to the “standard unit”. In the case, for example of a total loss (like the building burning down) if the condo policy is sufficient to rebuild the structure but not to finish the flooring and appliances in your unit your unit contingency coverage would cover those costs.

Losses or damages to common areas or to the building can exceed the limit of the condo corporation’s insurance policy. In this case as part owner of the condo you may have to pay for repairs. Loss assessment coverage covers those costs for you.

Loss assessment
coverage

Loss assessment
coverage

Losses or damages to common areas or to the building can exceed the limit of the condo corporation’s insurance policy. In this case as part owner of the condo you may have to pay for repairs. Loss assessment coverage covers those costs for you.

Legal Liability
Loss assessment
coverage

Similar to Loss Assessment Coverage if a legal situation, like an injury in a common area exceed the limit of the condo corporation’s insurance policy as part owner of the condo you may have to pay for part of that liability. Loss assessment coverage covers those costs for you.

Optional Coverages

Coverage for specialty items – these include items exceeding your policy’s
individual item maximum and can include things like collectibles, specialty bicycles, or jewelry.

Contact us to find coverage that fits your situation, and be sure to consult
your association to find out what coverage you have, and what liability you need to cover.

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Excalibur Insurance