Condo insurance: Quick quote

Why is condo insurance so important?

If co-ownership is on the rise, people in possession of a condo or a high-value condo are in total confusion and do not know what to declare or not and what they can or cannot insure.

What you need to know

To ensure the proper ownership of your property, you need to know the different elements that are specific to this type of property and that you need to cover in order to benefit from sufficient protection in the event of a claim. It should be noted that in the event that the insured does not have adequate protection or that it is insufficient, he or she will have to assume the costs of the work that is not insured for the restoration of the building. On the other hand, the higher the deductible, the more urgent it becomes to provide for a special contribution to cover financing needs. Hence the need to speak first with your insurance agent to find out what is appropriate to cover and which risks are the most recurring in order to avoid unnecessary expenses or deductibles that are too high.

Obviously, you have to take into account the value of reconstruction, especially if it takes place in the last three or five years. It is necessary to find out about the syndicate of co-owners’ contract, both its value and what it contains in terms of guarantees and the amount of the deductible. It is also advisable to find out about the pension plan and the prevention and maintenance plan for the building.

Your insurance broker for your condo

Seeking advice from your broker is very important before taking out any comprehensive home insurance policy. This professional is required to advise his client and to provide him with the exact answers to his questions and the solutions adapted to his case. Obviously, the insured must be clear and provide him with all the information relating to the changes that have taken place concerning his situation. It is a relationship of trust that must be established between the two parties in order to benefit from the most optimal protection that is best suited to the needs and expectations of the insured.

By explaining the various changes made, the broker has the opportunity to assess the impact of such changes on the needs in terms of guarantees and on the coverage required to cover the various risks likely to arise in the context of a co-ownership.

To be more efficient, you need to communicate well with the insurance agent or broker. All you have to do is fill it in if the insured has acquired equipment, works of art, computer equipment, jewellery or any other valuable product.

Work at home

It is important to specify whether any professional or commercial activity is carried out at home to protect the equipment and work tools. In the same way, it is necessary to inform him in the case of the installation of an alarm system, which allows you to benefit from a discount on the insurance premium for example. If the insured has a pet, he or she must include it in the co-owner insurance as well as mention if he or she is hosting someone at home, especially staff who work regularly. The same applies if the condominium is rented, even for a short period of time, or as part of a home exchange for holidays.

In order to properly estimate your needs in terms of warranty, you should not neglect to check the condition of the installations, such as the water heater, whose lifespan should not exceed 6 years, in order to guarantee its good performance and the absence of any risk.

Insurance and renovation of your condo

If the insured plans to carry out renovation, repair and refurbishment work in their home, they must also discuss this with the insurer. Similarly, he must warn him of what has already been done before, whether by the insured himself or by the condominium manager. Obviously, it is important to report the claims or damages that have affected the condominium in recent years because each piece of information is important in the estimation of the risks, but also of the necessary guarantees and the value of the insurance premium.

How much does condo insurance cost?

Like all insurance, condo insurance fees vary depending on where you live for example, condo insurance in Montreal can cost more than it does in a small town, the condo insurance coverage options you choose, your deductibles, and the limits of your policy.

To answer the question of what condo insurance costs, you’ll likely find that condo insurance coverage will cost around $200 to $400 per year for $50,000 of content coverage. Of course, it’s best to get a condo insurance quote here on Assur360.ca for the coverage you need.

Whether you live in a condo in Quebec City, need condo insurance in Laval or have just bought a condo in Trois-Rivières, Montreal, Thetford Mines or elsewhere, let Assur360 help you. We compare condo insurance quotes from more than several insurers to help you get the condo insurance coverage you need at the best price available.

What makes condo insurance different?

Even if your condo is your home, condo insurance and home insurance are very different. Owners are responsible for their living space as well as the structure and property on which it sits. With a condo, all you have to do is insure the interior of your home, the grounds, the building and the common areas are often insured by your condo association. However, your insurance policy should work with the policies and rules of your condominium building. So, it’s important to get your condo insurance from a company that understands the ins and outs of condo policies.

How much insurance should I have for my condo?

What would be the cost of replacing all the contents of your unit/suite? You need to consider the worst-case scenario, which is that everything is destroyed, and think about what it would cost you if you were to buy a brand new item.

You don’t have to make a list of your belongings to get insurance, but in the event of a disaster, you’ll know what you’re missing and it will go a long way in helping you know what you had. Creating a personal property inventory is the best way to make a list and make sure you have the right amount of coverage.

If you don’t want to do the work of an inventory, the second best way is to take pictures of everything you own or every room (one wall at a time). This won’t help you determine how much coverage you need, but it will help you determine what was destroyed in the event of a loss.

It’s important to remember to keep your inventory and/or photos off-site, so they don’t get destroyed in the event of a disaster.

Why insure your condo?

There are several reasons to take out condo insurance:

To cover repair costs in the event of damage to your condo, such as water leaks or fire damage.

• To protect your civil liability in the event of damage caused to a third party, for example if you are responsible for a fire that damages another condo in the building.
• To cover travel and accommodation costs in the event that you are unable to live in your condo following a loss covered by your insurance.
• To protect your personal belongings, such as furniture and electronics, that are not covered by the building’s insurance.

In short, condo insurance allows you to protect yourself financially in the event of a loss and to ensure that you have the means to repair or replace what has been damaged.

FAQ