Explaining Condo Insurance, A Simpler 101
Are you a condo owner? Looking to purchase? If so, you’ll need condo insurance. In Quebec, you can choose from many types of homes – from one with a yard and a picket fence to one that shares walls with other units (i.e., a condo!) Condos are beloved for so many reasons, from their affordability to their shared community. That being said, a condo is still an asset you’ll have to invest in – which is why it’s important (and sometimes mandated!) to purchase insurance.
If you are looking to purchase a condo and in the final stages of signing the dotted line, it’s important to familiarize yourself with how condo insurance works in the province of Quebec. Read on if you want to know how condo insurance works, explained simpler by your friendly advisors here at Panda7.
What is Condo Insurance Coverage?
Condo insurance, not unlike home insurance, is a type of coverage that financially safeguards your assets as a condo owner. It can protect you from a wide array of risks, depending on the complexity of the coverage that you purchase. Condo insurance is crucial, especially as many mortgage lenders will ask prospective condo owners to acquire protection for their property. Home buyers may face the same situation. If you are renting a condo, however, your condo corporation may require you to carry insurance as part of your lease.
Condo insurance, in essence, can vary in the exact components and level of coverage it includes. A standard condo insurance policy may include:
- Your personal liability
- Your contents and belongings
- Your condo’s walls and floors
Contents Insurance
Contents insurance is a necessity for any condo, renters, or home insurance policy. Contents insurance is designed to protect your personal belongings – i.e., your electronics, jewelry, clothing, and any furniture that you own. Depending on the extent of your coverage, you may purchase coverage against a wide range of perils, or just the basic list (like fire, lightning, storm damage, etc.) Some items may have separate limits, such as expensive jewelry, bicycles, etc.
Personal Liability
Personal liability insurance is designed to protect you and your family if a third-party, such as a family member, a friend, or just a neighbour should injure themselves while attending your living space. Personal liability can also protect you for third-party property damage that you are legally responsible for, such as if a leak occurs in one of your appliances that drips down to one of the units beneath you.
Walls and Floors
If you, as the condo owner, are responsible for your walls and floors, then you can opt to purchase coverage for them as part of your condo insurance policy. Your walls and floors coverage may protect you from common perils, such as fire, storm damage, lightning, vandalism, etc.
Condo insurance in Quebec may also feature the following coverage(s) or coverage options:
- Loss Assessment
- Condominium Contingency
- Improvements and Betterments
- Additional Living Expenses
How Much Does Condo Insurance in Quebec Cost?
Condo insurance is inexpensive, especially when compared to other, fuller policies such as home insurance or even auto insurance. On average, in Canada, condo insurance ranges between $30-$50/month, which equates to less than $360-$600/year. The price of your condo insurance will be dependent on numerous factors, including property location, your insurance history, your credit score, personal demographics, the age of your condominium building, how much coverage you buy, and more.
How to reduce condo insurance costs:
How do you save on condo insurance if your budget is tight? Easy. Consider these tips:
- Raise your deductible amount (you’ll have to pay more upfront in the event of a claim.)
- Purchase a condo that is more recently built.
- Bundle multiple policies through a single insurer.
- Ask about discounts.
- Work with a Panda7 insurance broker to find you the cheapest insurance policy possible that doesn’t sacrifice on quality coverage.
- Cut any unnecessary coverage additions.
Evidently, condo insurance isn’t a huge expensive – but it’s a necessary one! For a slight cost, condo insurance can spare you from thousands of dollars’ worth of losses, whether that’s physical damage to your belongings or medical bills that you’re liable for due to an injury that occurred on your premises.
How Do You Get Condo Insurance in Quebec?
The way that people get insurance nowadays is revitalizing. Condo insurance can be purchased – with ease – through a brokerage like Panda7. We help you acquire affordable quotes that provide you with the right amount of coverage, no matter what that looks like for you. Our brokers will get to know you, your needs, whether you’re renting or you own your condo, and so much more. With the help of our experts, you can purchase condo insurance online in only a matter of a few minutes. Plus, with our giveback program, you can benefit from knowing that getting a quote has translated to planting one tree, and purchasing a policy translates to three trees planted!
Get a condo insurance quote in Quebec now with the help of Panda7, and never worry if your coverage is enough to protect you should anything unexpected happen.
