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Condominium Insurance - William G. Waters Insurance

Condominium Insurance

Whether your condominium is owner occupied or tenant occupied, our brokerage can offer you coverage to suit your needs.

Owner occupied condominium policies include all risk coverage (subject to the policy wordings) for you as a condominium unit owner on your Personal Property including Additional Living Expenses, Personal Liability, Unit Owners Improvements, Loss Assessment and Contingent Insurance.

  • Unit Owners Improvements include any improvements made by you or previous owners.  This also includes any items not included in the Standard Unit By-Law.  When available, our brokerage will review your Standard Unit By-Law to determine what items are not included in the Standard Unit definition.  This review will ensure you have adequate coverage to replace items not included in the standard unit definition and any other betterments & improvements.
  • Loss assessment will pay your share of any special assessment if the assessment is valid under the governing rules of the Condominium Corporation and is made necessary by a loss to the condominium property collectively owned by unit owners caused by loss or damage provided by the policy.
  • Contingent Insurance will provide coverage in the event the Condominium Corporation has no insurance, inadequate insurance or its insurance is not effective.
  • Additional Living Expenses provides coverage when you cannot live in your residence due to damage caused by an insured peril such as fire or water damage.   This can include the cost of a hotel or other rental locations and sometimes meals.

Replacement Cost on contents provides the cost to repair or replace with new materials of similar kind and quality without deduction for depreciation.

Our brokerage strongly recommends sewer backup and overland water (when available) are included in order to have broader coverage in the event of a claim and/or Condominium Corporation assessment as you must have identical coverage for the policy to respond.

It is extremely important that you complete a personal property inventory in order to determine the replacement value of your contents.  You can locate a personal property inventory at the Insurance Bureau of Canada link below.  It will help you establish the replacement value of your personal property and provides a detailed list of your personal belongings in the event you have to submit a claim.  It is strongly recommended that you also take photographs/videos of your contents and the interior of your home and store them offsite.

We also offer coverage for a rental condominium which would include similar coverage as well as optional rental income protection.

Let our brokerage help you obtain the coverage that best suits your needs at a competitive price.  We will apply all eligible discounts including an offer to bundle your condominium and automobile insurance together.  You may want to consider consenting to a credit check in order to reduce the overall property premium.

Call our brokerage today to discuss your specific requirements.