Condo insurance coverage
Protect yourself, your condo unit, and your neighbours from costly damage with personal condo insurance coverage from belairdirect.
Why do you need condo owner's insurance?
A condominium is a unique housing option as it allows you to own your property, much like a traditional house. Your condo unit is your private property and your name is on the title. However, because the condo unit is located within a building with other surrounding units, there are certain factors an insurer needs to take into consideration when deciding upon the coverage it needs.
A condo building will typically have a condo association in place to take care of repairs and upkeep to the building and common areas. These are the things that condo fees often pay for.
However, condo fees may not cover damage that occurs within an individual unit. Living in a building with several units in close proximity means that damage originating from one unit could easily spill over to others.
Condo insurance covers the gaps that are missing from traditional home insurance. It will protect your unit and its contents as well as any damage you may accidentally cause to a neighbour's unit, and vice-versa.
With belairdirect, your condo insurance goes above and beyond to cover you and your loved ones. You can get peace of mind knowing that your unit and belongings are protected by a trusted insurance company.
What is covered under condo insurance?
With homeowner's insurance coverage for your condo from belairdirect, the following could be covered in the event of a covered incident (up to the amount of insurance stated in your policy):
Your personal property
Your personal property includes the things you own, wear or use. These are things like furniture, clothes, shoes and electronics. Your condo insurance policy will help ensure that you don't have to pay out of pocket to replace everything you've collected over the years.
The immovable parts of your condo
This includes things that you own but can't pack up and take with you when you move, like your countertop, your bathtub, and your sinks. This insurance provides coverage if your Condominium Corporation does not have enough coverage to pay for an incident that causes extensive damage.
Improvements you make to your condo unit
Improvements include anything you do to improve or renovate your condo unit, such as laying new floors or renovating your kitchen. Your condominium insurance policy with belairdirect will take the cost of these home renovations to your unit into consideration
Personal liability coverage for condo owners
Rest assured with the knowledge that you're covered in the event that someone accidentally gets injured on your property or if a covered incident causes damage to someone else's condominium unit or property. This coverage may include medical expenses, lawsuits and property damage. Personal liability also protects you if ever you accidentally injure or cause property damage anywhere in the world.
Additional living expenses
If, as a result of damage by an Insured Peril, your dwelling is unfit for occupancy or you have to move out while repairs of insured damage are being made, you may be eligible for financial help to cover your living expenses caused by a covered loss.
Voluntary medical payments
In the unfortunate event that someone gets injured on your property and you are not deemed responsible, voluntary medical payment coverage may pay for medical expenses the injured person may incur as a result of the covered incident.
Please refer to your policy for all terms, conditions, limits and possible exclusions.
Voluntary payments for damage to property
These are payments that can cover unintentional damages you cause to a property that you are deemed not legally responsible for.
What is not included in your condo insurance and what does condo association insurance cover?
Your condo association will typically have an insurance policy in place to cover the structure of the building and all the common areas. These can include spaces such as the ground entrance and lobby, the elevators, staircases and fire escapes for the building, the roof, the courtyard and any other spaces that are used by all members of the condominium building. The condominium association master insurance policy can provide liability coverage for a covered loss in these common areas. Always refer to the condominium bylaws to get a better idea of what your condo association's insurance policy covers.
Optional Water Damage Coverage:
Water damage protection for your condominium
By adding this additional coverage to your condo insurance policy, you'll be protected if water from an external source suddenly and accidentally begins seeping into your condo unit due to an event like rain, snow or leaks.
belairdirect's water damage coverage could protect you from:
Burst water pipes
If ever a pipe were to burst due to cold weather or washing machine were to break down mid-wash, you could be covered for water damages caused to your condo.
If water should accidentally back-up from the sewer system and begin flowing into your condo, the damages could be covered.
If you qualify, water damages caused by overflowing from a lake, river, heavy rain or rapid snowmelt that enters your condo from above ground could be covered.
Water damage caused by water suddenly entering your condo accidentally through a basement wall, the foundation or floors could be covered.
See how belairdirect's water damage coverage can keep your condo unit safe.
Frequently asked questions about condo insurance
Still have questions about condo insurance? We're here to help.
1 - If I own a condominium, do I have to get home insurance?
Unlike car owners– who must by law have car insurance, house and condo owners aren't legally required to have home insurance. However, it may be a requirement in certain situations. For example:
Condo or co-op units
If you're buying a condo or co-op unit, your co-owners association may require that you have insurance. You'll need to double-check with your co-owners association, as each is different.
Whatever your living situation may be, we strongly recommend that you do get insurance because it not only protects your home and your personal belongings, it also gives you liability coverage in case you accidentally injure someone or damage someone's property anywhere in the world.
2 - I am planning to go away for the holidays. What can I do to protect my condo from damage while I'm gone?
While we still encourage you to take these steps, you are no longer required to have someone check your home, or shut off your water supply and drain your pipes, or have a monitored alarm system in place during the heating season. All you need to do is keep the heating on while you're away.
Check the terms and conditions of your policy to ensure that you have adequate coverage.
3 - What factors affect condo insurance prices?
When determining the insurance premium a condo owner will need to pay for adequate coverage, an insurance company may use the following criteria to determine a premium price:
- How much it would cost to rebuild the condo unit after a covered loss
- The deductible amount a condo owner would need to pay to make a claim
- The neighbourhood in which the condo is located
- The value of the contents and personal property within the condo unit
- Any discounts that the condo unit owner is eligible for
- The condo owner’s credit history (only applicable in certain provinces)
These criteria are all used to determine the insurance would needed for sufficient coverage that protects the condo unit based on the risk factors.
4 - What is a special assessment? Does condo insurance cover special assessments?
If a condo building requires extensive repairs to common areas, a condo association may request a special assessment. Contractors will evaluate the work that needs to be done and provide an estimate of the costs. In some cases, the cost of the work may exceed the monetary reserves the condominium corporation has on hand or their insurance limits, and the remainder of the costs will be solicited from the unit owners in the building.
Special assessment coverages are usually part of a personal condo insurance policy and protect the owner from a covered loss if it exceeds the condo corporation’s insurance coverage limits. Special assessments are designed to cover losses that affect the common areas of a condo building, such as hallways, parking garages, recreational areas, lounge areas, and anything that does not belong to an individual condo owner. Because condo units are built close together, damage that starts from one area can easily spread to neighbouring units and common areas.
For special assessments coverage to take effect, 3 criteria need to be fulfilled:
- The damage or loss is caused by a peril covered by the condo owners policy.
- The condominium corporation’s insurance coverage falls short of covering the damages from the loss.
- The condo board issues a special assessment to meet the expenses required to repair the building.
If the condo board authorizes a special assessment, the special assessment coverage could then take effect and cover your portion of the repair costs subject to policy limits.
When getting a condo insurance quote, your insurance agent may recommend additional coverage amounts for special assessments to protect you from these rare but potentially expensive scenarios.
5 - What is a condo master policy?
A condo master policy is the insurance coverage policy held by the condo corporation. Unlike a personal condo insurance policy, the condo master policy is designed to cover general liability for the condo association and property damage to common areas.
A condo master policy is paid using the condo fees collected from residents of the building. If a common area is damaged by a covered incident, the damages can be covered by the condo master policy. A condo master policy can also provide coverage in the event that someone injures themselves in a common area of the building or if the condo corporation were to be sued.