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:
VIP package:
|
|
Aviva Canada Condo Insurance
|
Standard coverage:
option:
|
|
BCAA condo or townhouse insurance
|
Standard coverage:
Additional optional features:
|
|
Belairdirect Condo Insurance
|
|
|
CAA Condominium Insurance
|
Standard coverage:
Additional coverage:
|
|
Cooperative condominium insurance
|
|
|
CUMIS Mansion Insurance
|
|
|
Dejardan Condo Insurance
|
|
|
Intact condo insurance
|
|
|
TD Condominium Insurance
|
add on:
|
|
Wawanesa Condo Coverage
|
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Obviously – Canada’s Top Condominium Insurance Company in 2022
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