Condo insurance
Do I need condo insurance, or does my condominium corporation cover my condo unit?
Condo owners insurance may not be mandatory by law. However, if you are purchasing a condo, most banks and mortgage lenders require home buyers to show proof of home insurance before advancing the mortgage. Also your condo association may require you to have proof of condo coverage before moving in.
Your condominium corporation will have insurance for the building and common areas, like elevators or the front lobby. However, many people are unaware that condominium corporation insurance coverage is limited and does not include your personal belongings, upgrades to your unit, or legal liability to others. If the unexpected happens, you could be liable for:
damage caused to common areas or other units, where the damage originated in the insurer’s unit, e.g. water damage to a neighbouring condo- expenses related to theft or damage in your condo unit
- paying for expenses related to someone being injured while on your property
Water damage is a leading threat not just to homeowners but condominium dwellers as well. Threats to your property can come from burst pipes, leaking appliances, and other types of fresh water flooding. Allstate’s base policy water coverage is included in your Allstate condo policy.
You can also add additional coverage with Allstate’s water protection endorsements to ensure you have the right coverage to suit your needs (for qualifying customers):
The following coverages have a single limit of insurance:
- Additions and alterations:Covers upgrades (e.g. built-in sound systems, custom counters) to your unit that might not be considered part of the standard condo unit by your condo corporation.
- Unit contingent coverage:Provides additional coverage to your unit 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 for common condo elements (e.g. swimming pool, laundry room, fitness room) 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 condo corporation’s deductible.
- Fire
- Explosion
- Falling objects
- Lighting
- Malicious acts
- Riot
- Smoke
- Theft
- Vandalism
- Water damage
- Wind and hail
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Allstate agents are always ready to answer your insurance questions and guide you through your coverage options.
Basic package is being retired and will no longer be available to purchase. Existing policies with Basic package will be renewed into VIP package at renewal.
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If you have any other questions about condo insurance, read the five most common questions. Visit our blog for more condo owner tips.
Legal
Terms and conditions apply. Coverage, perils, discounts, and availability may vary by region.
*Discount calculated based on prior term’s total written (paid) premium. ** Rates will not be increased or surcharged if insured submits no more than one claim every 5 years. *** Claim Forgiveness does not protect your Disappearing Deductible. This contains information about coverage offered by Allstate but does not list all of the conditions and exclusions which apply to the coverage described. The wording of the actual policy and local law will govern. For more information on coverage, perils, discounts and availability, please contact your local agency or 1-800-allstate
(1-800-255-7828).
