Condo insurance is a bit different than any other home owner’s insurance policy. Condo and apartment insurance in Ontario are meant to protect you and your financial interests if you live in this unique type of environment. A condo or apartment has two parts. The condo or apartment association own the exterior. The individual condo owner owns the interior and all of its belongings. Therefore, condo insurance brokers in Ontario will work with you to protect the pieces of the condo or apartment that belong to you.
It works much like homeowners insurance in many ways. Should you have a covered claim, you simply contact Dublin and work with their team of agents and contractors to repair the issue and receive a payment to help cover the costs of items lost, stolen, or damaged. Dublin makes filing a condominium insurance claim easy, when you are dealing with a less than favorable situation.
Should you have a broken pipe that does damage to your ceilings and walls, Dublin’s condo insurance policy will help repair the problem and cover the costs. Should your condo or apartment be burglarized, Dublin’s condo insurance will help you replace your items that can be replaced. Should an upgrade or repair go wrong in your condo, Dublin’s condo insurance can help repair the issue and cover the costs.
The benefits of condo and apartment insurance in Ontario is protecting your financial interests within the property walls. If the roof collapses, that is an issue for the association. However, the damage done within the home as a result of the collapse is your burden to bear. Dublin Insurance brokers can help make that burden a small nuisance as opposed to a major catastrophe.
Condo and apartment insurance are often much more specified than any other type of homeowner’s insurance. In addition, it often mimics much of renter’s insurance except, that it does cover certain features that would be appropriate for a homeowner as opposed to a renter. The best way to determine the best condo insurance coverage for you is to speak with a condo insurance broker who specializes in condo and apartment insurance in Ontario. Duliban Insurance brokers are happy to answer your questions and help you find the right coverage for your needs.
Here are the coverage basics for condo and apartment insurance in Ontario:
- Contents: If your condo or apartment experiences damage, such as water damage, burglary, or a car crashing through the front window (to name a few), the contents within your home will be covered. The condo insurance company will examine the damages and provide a payment to you that covers your losses, within the parameters of your policy. This means if you have a policy limit that states you have $100,000 worth of personal property and you claim $200,000 in loses of personal property, you will receive a check for only the $100,000 in losses.
However, your personal property is insured individually. You have the choice of Replacement Cost or Actual Cash Value.
- Replacement Cost – This is the value of your property and does not account for depreciation. This means if a television were stolen, then you would receive reimbursement for a new television.
- Actual Cash Value –This is the value of your property with depreciation. It reimburses you for the amount you paid for the item minus a valuation for wear and tear and age.
This type of coverage also applies to items that were lost on vacation, due to theft or loss of luggage, etc. It will not cover high dollar items in full like jewelry, antiques, and artwork. These items would have to be scheduled separately on your policy to have extended coverage.
- Liability: This coverage provides you peace of mind if someone comes into your condo or apartment and is injured. Whether they slip on your kitchen floor, fall from a ladder as they are doing work, or get bit by your pet, their medical bills and any subsequent litigation is covered under your condo and apartment insurance. Many times, if this matter must go to court, you may use your policy to help cover legal fees, if necessary.
- Living Expenses: If your condo or apartment is not suitable for living, as the result of a covered incident, you will need to find a hotel or other accommodations while repairs are being completed. Condo insurance in Ontario will provide a per diam payment to help cover the costs associated with displacement from your home. Typically, this will be enough to stay in a nice enough hotel until your home is livable once again.
- Betterment or Improvements: This is a little less straightforward. Your insurance will not provide you with the money to make improvements within the confines of your condo or apartment. However, if you make an improvement, such as changed the Formica countertops to granite countertops in your kitchen, your insurance policy will provide you payment for the value of the new countertops in the event of a loss, such as flooding from a broken pipe, or other types of damage.
- Loss Assessment: The common area is owned by all condo owners in a particular quad or unit space. This area is the roof, exterior siding, lawn, trees, parking area, and other exterior parts to the unit. When there is an issue, it is the responsibility of all the condo owners to pay a portion to help repair the damage. Your condo insurance policy helps provide coverage for these instances as well.
Condo and apartment insurance in Ontario will cover many losses that result from a covered claim. However, if the claim is deemed to be negligent, preventable, or intentional, it is more than likely it will not be covered, and all associated losses will not be covered.
In order to determine your options available under condominium insurance in Ontario, contact the experts at Duliban Insurance Brokers. They will be happy to answer your questions and provide you with a free quote based on your needs.