Written by Eric Gruscyk Desjardins Insurance & Financial Services » Updated on: January 22nd, 2025
Condo insurance is a type of homeowner insurance that is designed to protect condominium owners. If you own a condo or are planning to purchase one, knowing the ins and outs of condo insurance in Oakville will protect your investment and reduce financial risks. In this guide, we will delve into key points that every condo owner must know about condo insurance. Read more below.
What Does Condo Insurance in Oakville Cover
Condo insurance typically covers three main elements which include:
Understand Your Condo Insurance’s Master Policy
Condo associations usually carry a master policy that covers common areas like hallways, lobbies, elevators, and shared amenities like gyms, or pools. Master policies come in two types including:
Make sure to review your condo association’s master policy to understand what’s covered. We suggest buying another condo insurance in Oakville, Burlington, and surrounding areas for comprehensive coverage to protect your personal belongings.
Additional Coverages
While standard condo insurance in Oakville offers necessary coverage, you can also consider additional coverages like:
Understanding the Exclusions
Condo insurance in Oakville doesn’t cover everything and has common exclusions which include:
Determine the Right Amount of Coverage
You need to identify the right amount of coverage to avoid underinsured or overinsured. Here are some factors to consider:
Eric Gruscyk Desjardins Insurance & Financial Services is the one-stop destination if you are planning to purchase condo insurance in Oakville, Burlington, and GTA areas. Check our website today or call us to book an appointment with us.
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