Important Things to Know About Condo Insurance in Oakville

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:

• Personal Property: This covers your belongings like furniture, clothing, electronics, and personal items in the event of theft, or damage due to accidents like fire.
• Interior Unit: Condo insurance in Oakville covers the interior unit that includes walls, flooring, fixtures, and upgrades like custom cabinetry, or remodeled kitchens. The extent of coverage in condo insurance depends on the policy you purchase.
• Liability Protection: If someone gets injured in your condo, or you accidentally damage someone else’s property, this insurance will cover all the legal fees, medical expenses, and damages.
  
  

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:

• Bare Walls-In: It covers the structure of the building, and shared areas but doesn’t include the interiors of individual units (such as drywall, flooring, fixtures, and furniture) to the owners.
• All-In: It is a comprehensive policy that covers not just the building but also the interiors of each unit, except personal belongings and certain upgrades.
  
  

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:

• Flood Insurance: If your condo is located in a flood-prone area, it’s best to invest in a separate flood insurance policy to cover flood damage.
• Umbrella Insurance: It covers additional liability beyond your condo insurance limits.
• Earthquake Insurance: Include earthquake coverage if you live in an earthquake-prone region.
  
  

Understanding the Exclusions

Condo insurance in Oakville doesn’t cover everything and has common exclusions which include:

• Flood (if not included specifically)
• Earthquake (if not included specifically)
• Maintenance-related issues or wear and tear
• Precious items that exceed the policy limits. For example, expensive jewelry, or art pieces. Such items require additional coverage.
  
  

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:

• Check your belongings and assess their value
• Evaluate the cost of rebuilding or repairing the interior of your unit to its current state
• Assess the potential liability risks, especially if you host guests frequently
  
  

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.