Things to Know about Condo Insurance for Kitchener and All of the Waterloo Region
More and more residents in Southwestern Ontario are enjoying the benefits of living in condominiums. Additionally, many first time home owners are purchasing condos over traditional free standing homes. There is a freedom and convenience enjoyed by condo owners, you don't have to water or mow the lawn and better yet, someone else has to shovel the driveway when it snows! Whatever the reason, as a resident of the Kitchener and Waterloo Region, you need protection for your valuables. This is where we come in.
Only Pay For What You Need
When purchasing insurance for your condominium it is important not to pay for things already covered in the master policy and subsequently not leave any gaps in coverage that could cost you thousands of dollars out of pocket. Kitchener Condominium Insurance is very reasonable. As a condo owner you have unique risks, therefore you need a policy specific to your needs. Read on to learn more about your risks as a condo owner.
First, let's look at the standard coverage's offered in most condo policies, then we will review the various options available to you based on your specific needs. Typically your Condo Insurance policy will cover loss or damage caused by the following:
- Theft or vandalism
- Fire and lightening
- Windstorm or hail
- Water escape
- Breakage of glass
What Else Might I Need?
Insurance is not a one size fits all purchase. We understand you have individual needs. Here are some other coverage's you may need to consider to ensure your valuables and lifestyle is sufficiently protected.
- Contents Coverage - for your personal belongings either when they are in your unit or when they are stored elsewhere.
- Additional Living Expenses - in the event you are unable to live in your unit while repairs are being done. This can include meals, hotel expenses and moving costs.
- Loss Assessment - is coverage that protects you as the unit owner if there is property damage in a common area.
- Loss Assessment Liability - will protect you in the event there is a bodily injury in a common area. As a condo owner you share both ownership and responsibility for this with the other unit holders.
- Condominium Unit Additional Protection or Contingent Coverage - It's a mouthful but basically means you pay for protection of the walls, floors, plumbing and fixtures in your individual unit. Condo bylaws vary so be sure to review your condo bylaws to understand what you are, and are not responsible for.
- Condo Corporation Deductible - Most condo corporations purchase Master Insurance policies that have a very high deductible (i.e. $100,000.00) for property claims. This could prove problematic financially when a unit holder is expected to share a portion of the cost or worse be held responsible for the entire loss.
It's Like A Suit That Needs To Be Tailored To Fit
If you have too much coverage you will be paying unnecessarily and if you don't have enough you could be exposing yourself to lawsuits. You wouldn't attempt to alter the designer suit you just bought; you would take it to a trusted tailor. Well, we are the professionals in Condominium Insurance. For over a century, Advocate Insurance Group has been providing peace of mind to the residents of Kitchener and the Waterloo Region. We would be happy to provide you with a free quote. Simply click the link below and provide us with your contact information and we will be right with you.
Advocate Insurance Group, we are here for you when it matters most!