Condo Insurance In Ontario
A condo insurance broker in Ontario guarantees the proper coverage for your personal belongings and liability.Get A Quote
What Does Condo Insurance Coverage in Ontario Mean?
With thousands of condominium developments arising all throughout Ontario, the market is becoming saturated with high quality, affordable ownership living options. While many condominium residents believe that their condo insurance coverage is included in the mandatory, non-negotiable fees, they are only partially correct. These fees are utilized to cover the maintenance and operation of the building, as well as to help pay the insurance the condominium association is required to have for the building, communal areas and general liability. This can leave residents without any coverage for their own personal property, lacking Loss of Use coverage, or protection from personal liability. Depending on the type of condominium, and the coverage included in the fees, a condo-unit owner may also have a need for Building Property Coverage and Condo Loss Assessment Coverage.
At Regal Insurance, we can help assess your current coverage and unaddressed needs. We pride ourselves on being an independent insurance broker with valued relationships across several insurance companies that allow us to provide a fair and comprehensive condo insurance quote to suit your needs.
Much the same as a home owner needs home insurance, a condo owner needs condo insurance. This type of burden prevention ensures your unit and its contents are covered in the event of a fire, break in or flood, as well as affords you personal liability protection.
Although policies are highly customizable to the individual as well as their budget, in your condo insurance coverage you’re typically protected against:
- Loss of use (any additional living expenses you may acquire while your unit is being repaired)
- Personal liability coverage (bodily injury or property damage sustained by others)
- Upgrades within your unit
- Theft, damage or loss to the personal contents within your unit
- Appliances, wiring, carpets, plumbing and other fixtures
Insuring your condominium, as with insuring a home, varies upon several factors. If your condo is located within a large city, your premiums will be more than if it’s located in a small town. Rates also fluctuate when taking into consideration the overall value of your condominium and the insured contents within. Certain brokers are able to offer you a better condo insurance quote than others, based on their history in the industry.
A standard homeowner’s insurance policy only covers primary residences. It covers your property, its contents, and personal liability for you, your spouse, and your dependents. It does not cover rented properties, whether it’s a room in your primary house or other investment properties. If you rent out rooms or properties frequently, you will need landlord insurance.
Condo insurance is not required by law in Ontario. However, if you have a mortgage, your lender will insist that you obtain insurance for your condo. In addition, most condo associations will also require you to have condo insurance. At Regal Insurance, our experience tells us that it is a good idea to have condo insurance to protect your real estate investment from potential risks.
To compare condo insurance quotes, simply let us know a bit about yourself and your property coverage needs. Our team of experienced brokers will quickly provide you with condo insurance quotes from the best insurance providers in Canada. You can save money by choosing the quote that suits you best and securing your condominium insurance rate online.
Townhouse insurance offers more coverage than condo insurance. Typically, condo insurance covers personal contents in your unit, while townhouse insurance covers personal contents, building structure, and land. Townhouse insurance would have more similarities to home insurance.
Get Your Condo Insurance Quote
Since its humble inception in 1984, Regal Insurance has been one of the most trusted and largest family-run brokerages in Ontario. By introducing innovative technologies and dynamic insurers, we’ve built on our original platform to compete in an ever-evolving industry. We are an inclusive brokerage that takes the time to know and understand our clients and comprehend both the prioritization of their needs and addresses their budgetary concerns. We would be happy to provide with you a concise and accurate condo insurance quote in person, online or you can speak directly to one of our qualified representatives at 1-(800)-516-6276.