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Obviously – Canada’s Top Condominium Insurance Company in 2022

As high-rise lifestyle preferences grow, insurers are stepping up efforts to devise products that meet the unique needs of Canadian condominium residents.

How does condominium insurance work?

Condominium insurance, also known as geological insurance in British Columbia, is a type of home insurance that protects the owner from liability for damage to the interior of the unit and its contents, and for any injuries that occur within the unit. This type of coverage is different from the condominium company’s insurance, which covers the structure of the building outside the unit, including common areas such as lobbies, corridors, stairwells, and elevators.

read more: Many policyholders do not understand their condo insurance – IBC

Condominium residents often already pay compensation for common areas through the condominium fee. However, to cover your personal condo, you will need to purchase the policy yourself. The purpose of personal condominium insurance is to fill the gap in coverage left by the condominium company’s insurance policy.

What does condominium insurance cover?

Condominium insurance covers the owner’s personal belongings and the interior of the unit. It also covers damage to other units due to incidents resulting from the policyholder’s property. This means that if a fire from their unit damages nearby property, condo insurance will pay for it.

Apart from these, standard coverage may include:

  • Damage due to improvements inside the unit
  • Electrical or fire damage
  • Theft and robbery cases
  • Loss evaluation
  • Living expenses when the unit becomes uninhabitable
  • Personal responsibility
  • Storage locker
  • Vandalism
  • Damage caused by wind and hail

Condominium insurance also provides protection from several types of flood damage, including those resulting from ruptured pipes and leaked equipment from adjacent units. This policy can be extended to cover heavy rains, land floods, and sewer backups. Compensation for stolen personal information and valuable items such as jewelry and artwork can also be purchased as an add-on.

read more: Controversial Pricing Methods That Cause Runaway Condominium Insurance Costs-Report

However, most personal condo policies do not cover normal unit wear, animal damage, or war or terrorist damage. Flood covers may also be excluded if the unit is in a flood-prone area. It also does not cover intentional losses and losses resulting from fraudulent and criminal activity.

How much does a condominium insurance cost?

As with any insurance policy, the insurance company determines the premium for a personal condo based on the likelihood that the unit owner will make a claim. Insurers use a variety of factors such as condo age, geographic location, market value, construction materials, improvements and refurbishments made, insured content replacement costs, and the type and amount of coverage required. Calculate the probability of the lever.

read more: Canadian Condo Insurance Premiums – What’s Happening?

The table below shows an example of how premiums for two-bedroom condos in four major cities in Canada are calculated from the real estate market WOWA.ca. The figures are as of February 2022.






city

size

position

Estimated monthly premium

Estimated annual premium

Toronto

Less than 1,000 square feet

Downtown Toronto (at the intersection of King Street W and John Street)

$ 32

$ 384

Vancouver

Less than 1,000 square feet

Downtown Vancouver (at the intersection of Homer Street and Nelson Street)

$ 27

$ 312

Calgary

850 square feet

Downtown Calgary (next to Central Memorial Park)

$ 23

$ 276

Edmonton

Less than 1,000 square feet

Downtown Edmonton (next to Canadian Western Bank Place)

$ 22

$ 264

Source: WOWA.ca

What Does Canada’s Top Condo Insurance Cover?

Condominium insurance policies vary by insurance company, and which one offers the best coverage often depends on the specific needs of the unit owner. Here are some of Canada’s top home insurance companies offering condominium coverage: The list is sorted alphabetically. All details are current as of March 2022.













Insurance company / policy

Main coverage functions

All State Canada Condo Insurance

Basic coverage:


  • Named Hazard Content (Exclusions Specified in Policy)
  • Optional replacement costs (replace content for items of similar value without depreciation)
  • Claim-free discount


VIP package:


  • All risk coverage of content (subject to exclusions specified in the policy)
  • Exchange Cost (Exchange content for items of similar value without depreciation)
  • Claim-free discount
  • Claim forgiveness
  • Deduction target that disappears
  • One free personalized option

Aviva Canada Condo Insurance

Standard coverage:


  • Contents of the unit
  • Upgrades to units, including new flooring
  • At least $ 1 million in personal responsibility


option:


  • Sewer backup and water protection to cover land floods
  • ID theft
  • Earthquake insurance
  • Claim-free discount
  • Deduction target that disappears

BCAA condo or townhouse insurance

Standard coverage:


  • Fire and smoke
  • Crime and vandalism
  • Personal responsibility
  • Flood damage
  • Building improvement
  • Strata coverage
  • Additional living expenses
  • Additional protection for the unit


Additional optional features:


  • Earthquake insurance
  • Increased tier coverage
  • Extensive water bodies include external drainage channels, freshwater overflows, and damage caused by surface water accumulation.
  • Short-term rental compensation

Belairdirect Condo Insurance

  • Moving property
  • Immovable parts of the unit
  • Improvements made
  • Personal responsibility
  • Additional living expenses
  • Voluntary medical expenses
  • Voluntary payment for property damage
  • Flood damage (option)

CAA Condominium Insurance

Standard coverage:


  • Fire damage
  • Smoke damage
  • Flood damage


Additional coverage:


  • Home equipment failure
  • CAA tire coverage
  • Legal insurance
  • Theft of personal information

Cooperative condominium insurance

  • Improvement and improvement
  • Evaluation of shared property
  • Unit insurance
  • Deductible protection range
  • Additional coverage includes ships, bicycles and jewelery
  • $ 250,000 to $ 2 million limit

CUMIS Mansion Insurance

  • Local property or content
  • Personal responsibility
  • Building or unit upgrade
  • Additional living expenses as part of the insured’s loss
  • Amount required to be deducted or billed based on the condominium company policy
  • Report of personal information fraud
  • Extended water range for damage caused by drainage channels and sanitation systems
  • Deduction target that disappears
  • Home claim forgiveness function
  • Flexible payment method

Dejardan Condo Insurance

  • Liability insurance
  • Fire, theft, vandalism
  • Flood damage including accidental leaks and overflows
  • Storms and natural disasters including tornadoes, freezing rain, wind, hail, and post-earthquake fires, smoke, and explosions
  • Personal belongings including building improvement and installation, and loss assessment

Intact condo insurance

  • Maintenance costs
  • Temporary membership to a health club facility if the unit owner lives elsewhere and cannot use the condo facility
  • Contents of storage locker
  • Umbrella liability insurance (option)

TD Condominium Insurance

  • All risk compensation for units and personal belongings
  • Personal responsibility
  • Additional living expenses:
  • Unit improvement
  • Loss evaluation
  • Common area
  • Legal and home support


add on:


  • Family coverage includes cyberbullying and nursing home parents
  • Eco-efficient reconstruction
  • Claim forgiveness
  • Enhanced limits include coverage of high value items

Wawanesa Condo Coverage

  • Co-owned condominium property coverage
  • Condominium unit coverage
  • Condominium Owner Improvement Coverage
  • Condominium deduction target

Obviously – Canada’s Top Condominium Insurance Company in 2022

Source link Obviously – Canada’s Top Condominium Insurance Company in 2022

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