As a condominium owner, you have title to your own "unit" as well as a share in common areas such as the lobby, swimming pool, parking garage and garden. In fact, virtually the entire building is "common" except for upgrades you may have made to your unit and your personal property. However, as a shareholder in the corporation from which you "rent" access to the common areas, you and your fellow owners can be held personally liable if something goes wrong.
A condominium insurance policy is a low-cost way to remove some of the financial worries of condominium ownership and to protect your personal assets in your unit.
At Mainway Hunter Creighton Insurance, we offer a broad range of insurance policies you can rely on to protect you when you need them most - after you've had a claim.
Some of the coverage highlights in the basic condominium policy include:
- Contents coverage - is the amount of insurance you feel you require
- Improvements and Betterments coverage - provides insurance for any upgrades you make to your unit (e.g. upgraded bathrooms, built-in cabinets, etc.)
- Unit Contingency coverage - provides coverage for your condominium unit in the event that the condominium corporation's policy has no insurance, its insurance is inadequate, or it's not effective
- Loss Assessment coverage - provides coverage, up to a stipulated limit, for your portion of any special assessment that is valid under your condominium corporation's governing rules:
- if it's due to a direct loss that affects a shared part of the premises and if it has been caused by an insured peril
- if it's due to legal liability arising out of shared ownership of common areas of the condominium premises (for example -- to compensate a visitor for injuries incurred by tripping over a frayed carpet in a corridor) providing that the assessment has not been made necessary because of a deductible in the corporation's own insurance policy. Normally, the condominium corporation's own insurance coverage will be adequate. Insurance-related special loss assessments seldom occur
Note - this is an especially important feature of condominium insurance because of the shared responsibility with others for common property.
You can increase coverage amounts on all of the above items so that they reflect your unique circumstances.
Your condominium insurance policy excludes several important coverage or places limitations on others. In many instances, it is advisable to purchase additional coverage through available policy endorsements to ensure you have the coverage you require. These are the most commonly purchased optional coverages:
- Sewer Backup (Water Escape Extension Endorsement) - protects your unit (and storage facility) from sewer backup and other water damage. Note that damage from water seepage and flood is excluded under all policies and coverage cannot be purchased.
- Valuable Articles Endorsement - All policies contain small coverage limits for jewellery, furs, collectibles etc. To properly protect your valuable items, you must schedule them on your policy. This coverage option gives you all risk coverage based on the appraised value of each item.
- Earthquake - Provides coverage for damage to your personal property resulting from an earthquake.
- Personal Computer Rider - Provides all risk coverage (including short circuit and electrical damage from lightening) for personal computers in your home.
- Home-Based Business Endorsement - Provides limited coverage for business property and liability for a small business operated out of your unit.
For more information about these coverages or to get yourself a free, no obligation insurance review and quote simply complete our Quick-Quote form or call our office at 905-521-3000 or toll-free at 1-800-263-5173.