Guelph Condo Insurance
There are many benefits to being a condominium owner but there are also several risks that are specific to living in a condominium. With a single-family home you only have to be concerned about the coverage provided by your homeowner's policy but when you live in a condominium you have to take into consideration not only the coverage provided by your policy but also that provided by the condominium corporation's policy. You need to make sure that your Condo Insurance policy meshes with the condominium corporation's so that you're not at risk of having any gaps in coverage.
Because there are various policies in place, you need to make sure that you don't overpay for unneeded insurance -- already covered by the master condo corporation insurance plan -- and that you have extra liability insurance where the master insurance stops. Different insurance companies use different names for the specific coverage but you need to make sure that you are protected for property losses and liability claims where the condominium corporation has too little or no coverage at all.
If someone is injured on the common property of the condominium the condominium corporation will be sued. If the condominium corporation's master policy doesn't have enough coverage each of the unit owners will be assessed for their proportional amount of the remaining amount awarded by the courts to the injured person. If there is fire or wind damage to the building or common property and the condominium corporation doesn't have enough coverage each unit owner will be assessed a proportion of the balance of the cost to do repairs.
Available Condominium Policies
There is a variety of condominium types. You might be in a townhouse, a detached house or a highrise. Your complex may have extensive common property like a pool, tennis courts, and a recreational building or you may just have the parking lot, fences, walkways and landscaping. Each situation requires different insurance coverage. The part of the main building that you are responsible for varies from complex to complex. You may only be responsible for any betterments or improvements you have made to your condo or you may be responsible for everything inside the structural walls. Your unit may be on the top floor of a highrise or on the lower level of a 3 storey walk-up. Each situation may have different requirements for things like Flood Insurance. Your condo is in a communal setting but your Condominium Insurance needs to be individual or you could end up paying too much for the wrong coverage.
Worried about costs. Don't be -- Condo Insurance can be very affordable whether you live in Guelph, Kitchener, Waterloo, Cambridge, Milton, Elora or Fergus, and Colley Insurance can accommodate you.
Ontario Condominium Insurance is like a suit that needs to be individually tailored: if it's too big then you overpay for what you don't need and if it's too small then you may expose yourself to lawsuits.
Condominium Insurance is available at reasonable rates to anyone who owns property in a development with joint property ownership. It is distinct from homeowner insurance because it works in conjunction with your association's insurance policy.
Here are two reasons to act now!
- It is important for your protection to have your condominium insurance in place before any claims are made -- not just from you but also from anyone else on the condominium property.
- We can provide you with a no-risk quote within a day. Just fill out this short form to get an inexpensive policy that will protect you and your home.