Condo Insurance Coverage

Condo owners have unique insurance needs, and if you are a new condo owner, you probably have questions. Allstate is here to help with a little Good Hands® Advice.

Why you need condo insurance

Your condominium corporation will have insurance for the building and common areas, like elevators or the front lobby, but this insurance will only offer limited protection for your unit, personal belongings, upgrades or your legal liability to others. Personal condo insurance is needed to insure your personal items, parts of your unit not covered by the condo corporation’s insurance, and to protect you against liability if you unintentionally cause property damage or bodily injury to others.

Key questions to ask when buying a condo

Ask your condo board, or the management company:

  • About Policy Coverage
    • What does the building’s insurance policy cover and not cover?
    • Do they require all owners to purchase personal condo insurance, and do they have an outline that explains what portions of your unit are not covered by their insurance?
    • How long has it been since the condo corporation’s insurance premiums went up, and how frequently do the condo corporations insurance premiums go up?
    • Has the cost of the condo corporation’s insurance premiums ever gone down?
    • What is the deductible on your condo corporation’s policy for damages to the building’s common areas?
    • Has the condo corporation ever raised the deductibles on their insurance?
  • About Policy Claims
    • Who is responsible for damages to your unit as a result of flooding or fire that occurs in a neighbours unit?
    • What is the condo corporation’s deductible in the event of damage being caused in common elements of the building?
    • Who is responsible for the cost to replace items stolen from common areas like the lobby or exercise room?
    • Who is responsible for repairs if your car is damaged in the underground parking lot?
    • Who is responsible for damage caused by flooding of your storage locker?

Once you have answers to these questions, speak with your insurance agent to ensure you have the right coverage for your needs.

Choosing the right amount of coverage for your personal belongings

When choosing the amount of coverage for your personal belongings, you should determine what it would cost you to replace everything you currently own in your unit. It’s a good idea to keep a home inventory list of all of your personal belongings, room by room. Expensive possessions like jewelry, furs, and antiques may require extended coverage to cover their full value. Check with your agent to learn more.
Allstate’s condo insurance includes

  • Coverage for additions and alterations
    • upgrades (built-in sound system, custom counters, etc.) to your unit that may exceed standard condominium corporation insurance limits
  • Unit Contingent Coverage
    • insures your unit so that you are protected if your condominium corporation’s insurance is insufficient.
  • Loss Assessment Coverage
    • provides coverage (up to a stated limit) to cover major property and liability losses on common property (e.g. swimming pool, laundry room, fitness room, etc.) when a special assessment is levied against you and other unit holders
    • provides protection in the event you are assessed a portion of a loss due to the corporation’s deductible 

Ways to save money on your Allstate condo insurance

Increasing your deductible is one way to cut costs. You may also qualify for discounts if you combine your condo and auto insurance with Allstate. Install smoke alarms, fire extinguishers (excluding Quebec), or a security system and you could save even more.

Get a quote. It’s fast, simple and it could save you money.
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