Ottawa condo insurance

Unlike car insurance, condo insurance isn’t a provincially mandated coverage in Ontario.

That said, if you want to move into your condo, you’ll likely still be obligated to have condo insurance.

This is because most condo associations require it.

As for the type of insurance you’ll need, the coverages you can get with personal condo insurance in Ottawa include:

1. Contents: Coverage for personal belongings
2. Betterments: Coverage for improvements you’ve made to the condo
3. Additional living expenses: Coverage for alternate accommodations
4. Loss assessment: Coverage for damages to common areas in the building

Check out this in-depth guide on condo insurance in Ontario that explains everything you need to know.

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Condo content insurance covers your personal belongings if there are losses related to theft, vandalism, fire, etc.

The items it covers includes things like:

• Furniture
• Laptops and TVs
• Jewelry
• Artwork
• Clothing
• Etc.

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Condo insurance in Ottawa costs an average of $400 a year.

Divide that by twelve months, and you get a $34 monthly payment.

That said, your Ottawa condo insurance rate could be more or less depending on your personal circumstances, and how much you have to insure.

So the best way to get an accurate estimate of what you can expect to pay is to get a quote.

We can help with that.

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Quick answer?

The insurance client (that’s you) pays the condo insurance deductible.

But what exactly is a deductible?

The deductible is the amount you agree to cover before your condo insurance company will pay out in the event of a claim.

You determine your insurance deductible amount when you sign up for your policy.

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Condo insurance, like home insurance, isn’t mandatory per se.

At least, not by the province.

However, if you’re buying a condo, your condo association will probably require you to provide proof of condo insurance before you move in.

And really, it’s in your best interest.

That’s because condo insurance covers you for things like your personal property, and if you’re held liable for damages to the condo building.

Example: Say your dishwasher floods, or you forget to blow out a candle (oops). WIth condo insurance, you won’t have to dip into your personal savings to cover the costs you’re found responsible for.

So, having the right condo insurance in place is a smart way to protect your personal assets.

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The amount of coverage you should get depends on your personal circumstances, the value of your belongings, and your lifestyle.

Here are the recommended condo insurance coverages and how they’re calculated for each category of coverage in a typical policy:

• Liability: Most condo associations will require you to carry a minimum of $2M in liability coverage.
• Contents: At a minimum, your condo contents insurance should cover the total value of your belongings.
• Additional living expenses: If your home is rendered unlivable due to a claim, this coverage pays out for alternative accommodations, meals, and transportation. In other words, it covers everything that’s over and above your normal day-to-day living costs. The payout amount is based on your current standard of living.
• Improvements and betterments: This covers the cost of any renovations and upgrades you’ve made to your condo if there’s a claim.
• Loss assessment: This covers claims related to damages to common areas in your building.

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Nope!

Homeowner’s insurance is different to condo insurance.

To break it down: home, tenant, and condo insurance are all types of property insurance.

However, each one is customized based on the type of coverage you would need as a homeowner, condo owner, or renter.

Long story short, if you own a condo, get condo insurance!

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The average cost of condo insurance in Ottawa hovers around $400.

And as far as insurance rates go, that’s pretty affordable.

To compare, condo insurance is a fraction of the price of homeowners insurance, which is an average of $1250 a year.

That’s because, as a condo owner, you get to skip out on a lot of the maintenance expenses that come with owning a home.

However, there are additional condo related expenses to factor in, like condo fees.

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As a condo insurance broker, we might be a bit biased, but here’s our honest opinion:

Yes, it’s absolutely worth it to get condo insurance.

Why, you ask?

Ask yourself this: Could you afford to replace your belongings if they were damaged, or stolen?

OR if you were found liable for damages to the condo building, could you afford to pay out of pocket?

For most people, the answer is no.

On top of that, the average price of condo insurance is around $400 a year, or only $34 a month.

That’s like, two Starbucks coffees a month.

That’s a pretty affordable premium to pay that can potentially save you thousands if there was an accident in your unit.

Plus, many condo associations require you to have proof of condo insurance before you move in.

So it’s really a no-brainer.

Still have questions about insurance for your Ottawa condo?

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In general, there are two ways that you can shop for condo insurance.

You can either go with a direct insurance company, or have a Ottawa condo insurance broker like KBD shop around for multiple quotes for you.

Once you’ve decided which avenue to go down, you can typically get an online condo insurance quote, or call your insurance broker or company directly.

Ready for an online condo insurance quote?

Or, if you prefer, you can always give us a call.

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Improvements and betterments is fancy insurance lingo that refers to any upgrades you’ve made to your condo.

So for example, say you decide to totally revamp your condo’s built-in kitchen with high end appliances that cost you a total of $50k.

If you purchase improvements and betterments coverage, then you would be covered for the expenses of the new kitchen in the event of a claim for damages to it.

So, if you plan to make some major upgrades to your condo, improvement and betterments coverage could be very worthwhile.

Need a condo insurance quote?

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Here are a few reliable tips that you can follow to make sure you’re getting the best price on your condo insurance:

1. Only purchase the coverage you need
2. Get a higher deductible
3. Bundle your condo and car insurance
4. Build a good credit score
5. Shop around for multiple quotes

For personalized advice on how to lower your condo insurance premium, give us a call.

Need condo insurance in Ottawa?

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