Condo Insurance

Condos are the perfect point between buying a new home and residing in a rental. You own your dwelling, but you aren’t responsible for mowing the lawn or filling the pool. To protect your condo and your belongings, it’s essential to purchase the right condo insurance product.

Ron Johnston Insurance works with Canadians across Ontario, helping build bespoke condominium insurance policies to suit various lifestyles.

While your condo corporation holds insurance on the vast majority of your external condo property, including communal areas – the inside of your condo and your belongings is up to you to protect.

What Does Condominium Insurance Cover?

Your condominium insurance protects you from paying out of pocket for damage to your condo in the event of:

• Fire
• Smoke
• Wind
• Lightning
• Explosion
• Hail
• Theft
• Vandalism
• Liability

Why most of the damage to the external portion of your property is managed under your condo corporation’s insurance contract, there may be damage to the inside of your unit during inclement weather or vandalism as well. For example, broken glass in windows could enter your condo and damage your belongings.

Under the scope of condo home insurance, there are two types of policies to consider. These are:

Standard Condo Insurance Coverage

At Ron Johnston Insurance, we fully believe in customizing your condo insurance to suit your lifestyle. However, basic foundational coverage options benefit every condo owner, including:

• Personal Belongings – Personal belongings coverage protects the contents of your condo if damage occurs. For example, if there is a fire, personal belongings coverage offers peace of mind in the replacement or repair of the personal items in your home, including furniture, toys, clothing, and electronics.
• Liability – Liability insurance is in place to assist in the costs associated with injury to others while they are in your condo. No matter how careful we are, accidents happen, and this could lead to lawsuit fees, or medical bills coming out of your pocket. Liability protection ensures your money stays where it belongs, with you.

Extended Condo Insurance Coverage

If your standard condo home insurance quote isn’t offering enough protection, you can opt for extended policy additions, such as:

• Loss Assessment – Your condo corporation’s insurance policy should protect against damage to external areas, or lawsuits against the corporation. In a case where your corporation doesn’t have enough coverage, condo owners may be obliged to cover these costs. Loss assessment coverage protects you from paying this money out of pocket. Rather, your insurance would pay for these additional fees.
• Valuable Belongings – If you own antiques, expensive jewels, or artwork, you need your valuable belongings coverage. Valuable belongings coverage protects items that may otherwise be difficult to evaluate in a claim.
• Loss of Access – If your condo has communal amenities you are entitled to as part of your participation with your condo corporation, invest in loss of access coverage. This coverage provides funding toward finding alternative sources for these amenities if they are inaccessible due to damage to your condo property.
• Upgrades – If you want to upgrade your condo, you will have to pay out of pocket unless you have upgrade coverage. This coverage gives you funding toward necessary upgrades at certain intervals of your occupancy.