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Condo insurance in Ontario

bg_condo_1While your condo building is protected by the condominium corporation, there are aspects of the coverage that are lacking. Some damages are not part of the corporation’s policy. For example, flood damage, break-ins, and an injury occurrence in your unit can all leave you unprotected by the condominium corporation insurance. Additionally, customers also assume the cost for vandalism and smoke damage

These costs can quickly mount, covering legal liabilities, repairs, and relocation. With this in mind, condo insurance is essential for condo owners and is the perfect accompaniment for coverage provided by the condominium corporation. Condo insurance covers your personal property and the interior of the unit.

Liability protection is a benefit that covers bodily injury and property damage to third parties. ShopInsuraceCanada.ca helps you compare condo insurance quote across a breadth of Canada’s leading insurance providers.

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Condo insurance details

 

bg_condo_2It is important to know what condo insurance options there are, and what limitations are in place. For example, standard policies do not cover high-value items, like rare art, precious jewellery, and more. These items need to be covered under a separate policy, or to be listed individually on a standard policy at an additional cost.

There are two main types of condo insurance:

All perils coverage: covers belongings against numerous types of danger. Any exclusions are listed on the policy. All perils is the most expensive condo insurance type, because it protects against a wider range of hazards.

Named perils coverage: Named perils coverage only protects your belongings against the most common types of hazards, which will be clearly listed in your policy.

Actual cash value or replacement cost?

An actual cash value (ACV) plan will pay out the value of items at the time they were damaged (and the claim was made). However, an ACV plan will assess value with depreciation as a factor, which means the pay-out for the claim is unlikely to cover the total cost of lost or damaged items. For example, if a three-year old TV is lost, the insurer will pay out for what it is worth now, not its cost as new. This is unlikely to cover the price of buying a new TV.

Replacement cost plans do cover full reimbursement for the full value of lost or damaged items. Using the TV example, the insurer would replace the TV for one that is of same make and quality (if possible), which means with a good replacement cost plan, customers can get all their lost or damaged items fully replaced.