Condo Insurance Quotes in Canada
If you own a condominium, Condo Insurance is a great option to financially protect you from any unfortunate events that happen to your condo. Your condominium insurance (otherwise known as Condo Insurance) can protect your personal belongings, any improvements to your unit and any damage you accidentally cause to other units. Insurance is also important to protect your from liability if anyone gets hurt while visiting your unit.
What Is Condo Insurance and Why Do I Need It?
Many people wonder if they need Condo Insurance as the condominium building overall should have their own insurance. However, the shared insurance policy typically only covers the common areas (such as the lobby, gym and elevator). Therefore excluding your personal belongings and any improvements made to your unit. Additionally, the shared insurance policy may not provide any liability coverage and so will not protect you against any claims made against you. Condo Homeowners Insurance is a great option to provide that additional layer of protection.
If there was a major repair required to your unit, you may be liable for the costs. Imagine the cost of a burst pipe in your apartment which then spreads to other units. If you don’t have condo home insurance, you could be responsible to pay the entire shared insurance policy deductible which could be tens of thousands of dollars. In addition, depending on the shared insurance policy you may also be liable to cover the repair costs. Your Condo insurance will provide coverage to ensure that you are covered in the event of an accident.
When it comes to your belongings, many people underestimate the cost of replacing everything in your unit. Most shared insurance policies will not cover the contents on individual condo units. So, it’s a good idea to make a list of everything that you own and have an idea of what it would cost to replace. For larger ticket items, be sure to keep warranties and receipts so you can confirm ownership and how much it would cost to replace.
We understand that figuring out what your condo insurance policy should cover can be complicated. Our BIG brokers will take a look at your current coverage and find an insurance package that meets your individual requirements.
How Much Does Condo Insurance Cost?
There are many factors used when determining your condo insurance cost. These include:
- Age of condominium building
- Value of your personal belongings
- Leasehold improvements
- Past Claims
To reduce the cost of your Condo insurance premium, here are some things that you can do:
- Install security systems such as burglar alarms
- Install smoke detectors
- Bundle your home and auto insurance
Your BIG Insurance Broker compare prices on your behalf with our network of insurance partners. They’ve be able to provide a competitive condo insurance quote while making sure you have appropriate coverage.
How Do I Get Condo Insurance with Billyard Insurance Group?
Start your condo insurance quote online on our website. To complete your purchase for condo home insurance, your BIG Insurance Broker will walk through your quote with you, and will look to see if there are any other ways to save or identify areas where you may need additional coverage. Contact us today!