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Does my Toronto Condo Need Insurance?

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Does my Toronto Condo Need Insurance?
 
Does My Toronto Condo Need Insurance?
 

I am not too sure about all the details surrounding the purchasing of a condo. I know there are extra fees involved, which I am ok with because I have been setting money aside for some time.


What I am really interested in knowing is whether or not my condo needs insurance.


I used to assume that something like the insurance of a condo was included in the maintenance fees but I guess that’s not right. What are some of the pros and cons of paying into insurance for a condo?

 
Thanks!
 

Answers

By Swift Sells Toronto
Hi Lily!
 
Thank you for reaching out to me with your questions regarding condo insurance in the Toronto area.
 

When you talk about condo insurance you can mean one of two things. One, is the condo insured and who pays for that? and Two, am I insured  separately?  The answer to both should be YES. Your condo will have an insurance policy for things like disasters, floods, fires, slip and fall accidents, etc. 

 

Your monthly condo fees will help pay for the annual premium for this. When you purchase your condo, your sales representative should have a clause in your contract in regards to having your real estate lawyer review and approve what is called a status certificate.

 

In those documents will be a copy of the insurance policy of the building. As well, there will be a detailed breakdown of what the condo is responsible for and what is the homeowners responsibility.

 

You should also have a policy to cover your contents - clothing, art, furniture, etc.  in case there is a flood, fire or fall in your unit.  An insurance broker is a good person to talk to on this.  I have several that I refer to and would gladly give you a referral so that you can ask them all your questions. 

 

They will offer your advice about policies and coverages based on your needs and the values you place on your items.  

 
I hope this has helped give you more information about condo insurance, the fees involved and what you can come to expect.
 
Do not hesitate to contact me if you need any more assistance!
 
 
 
 
Toronto condo insurance help
Level 3 (XP: 1000)
last year
very informative, lots of useful tips regarding condo insurance

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