Is condo insurance mandatory?

No, condo, home, or tenant insurance is not mandatory in Canada, although the condo association, or the owner of the condo, may require you to have to move in. You also need insurance to secure a mortgage to purchase a home or condo. So, even though it is not legally required to have, there are other outlets that may require the homeowner to purchase it. If you own a condo or rent a house or apartment, some landlords may require tenants to have tenant insurance before moving in and condo corporations and lenders may require condo unit owners to show proof of insurance before moving in as well.

What does my condo insurance provide coverage for?

You do not want to get stuck with condo insurance that provides unclear provisions on what is covered and what is not. Your condo insurance should provide coverage for: The contents in your condo- All contents inside the condo including but not limited to electronics, furniture and clothing are protected against perils such as theft, fire, explosions and water damage caused by overflows and bursting pipes, up to the insured amount. Contents such as fur and jewelery will often have specific limits of coverage that can be increased for an additional premium. Also, be keen on other exclusions such as computers, cameras and recording equipment, especially for people who work from home. Personal liability- Personal liability provides coverage for bodily injury to other parties such as visitors and neighbours. For instance, your visitor may trip over a rug and sustain injuries. Your bathtub may overflow and cause water damage to the apartment below, inflicting damage worth tens of thousands. This insurance will provide coverage for such unpleasant occurrences. Walls and floors- The condo owner is responsible for insuring their specific condo unit, including fixtures, floors, walls, ceilings and appliances.

How can I save money on condo insurance?

There are a few things you can do to help save money on your condo insurance. Talk to your advisor about your options today! Here a few things to consider: Bundle your policies Increase your deductible Maintain a good credit score Shop around and compare prices and quotes

What is condo building insurance?

Condo building insurance is different. This is purchased by the condo corporation to cover damage to the building and the common areas and liability on the property. This is usually included in the monthly condo maintenance fees.

What affects condo insurance rates in PEI?

There are a few factors that determine your monthly condo fees, they include: The size of the building (a larger building has more owners to share the cost) The age of the building (newer buildings may have lower fees) The amenities The neighbourhood

Does my condo insurance provide coverage for pets?

Most insurers provide coverage for pets if notified beforehand. However, there are limitations on the type and breeds of pets that will be insured. While most insurers provide coverage for dogs, there are limitations based on the type of breeds. Pit bulls, for instance, may be difficult to insure given the perceived higher risk of bites. Also, most insurance providers have limitations on the type of pets that can be insured.

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Types of coverage we provide

Liability Coverage

Provides protection against a lawsuit resulting from damaged property or personal injuries.

Deductible

A predetermined amount of money that you must pay towards the cost of the claim. Home insurance has different deductibles for different coverage.

Claims Forgiveness

This allows for the protection of your “claims free discount” in the event of your first claim.

Scheduled Items

Referring to 'special limits' on items like jewellery or art if the value is greater than the special limit you should list the item separately.

Comprehensive Insurance Coverage

When you purchase comprehensive home coverage, it means you are covered for anything that is not excluded.

Replacement Cost

Actual cash value policies are based on the items' depreciated value while replacement cost coverage does not account for depreciation

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Types of coverage we provide

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