Jason Shaw
Sales Representative
shaw.jasonm@gmail.com

RE/MAX Ultimate Realty Inc.
Brokerage
Independently owned and operated

1739 Bayview Avenue
Toronto, Ontario M4G 3C1


Phone: 416-487-5131
Fax: 416-487-1750
Mobile: 647-999-2470
   
 

WHAT! My Condo Insurance Doesn't Cover That?

November 9, 2013 - Updated: November 9, 2013

Insurance can be a tricky and overwhelming thing. But it doesn't need to be. It really comes down to education and knowing what you're getting so you're prepared for those "just-in-case" moments. A recent study by Allstate Insurance and Abacus found that education is lacking among condo-dwellers and it's costing owners dearly!

Here are a few of the major findings from the study:
  • 61% of Canadian condo owners don’t know or incorrectly assume their building’s insurance will cover damage to another unit from water or fire that originated in their unit.
  • A staggering 74% of Canadians looking to purchase a condo in the next few years don’t know what their personal insurance covers versus what the condo corporation’s insurance should cover.
  • A very low 39% of condo owners and 26% of condo buyers know that the belongings of a roommate or boarder are not covered under their personal condo insurance policies.
  • Almost a quarter of condo owners are not aware that the condo corporation’s insurance is responsible for incidents like falling concrete and shattering glass from condominiums, which seems to be a common theme here in Toronto...
Not knowing what's covered, who's responsible for this or that, and what you really need when it comes to insurance is a recipe for headaches and big risk.
Whether you're living in a condo now or thinking of purchasing one in the future, there are things you can do to protect yourself and your belongings.

Lean on Your Insurance Agent
Talk to your insurance agent about the policy you currently have and what you might need. My biggest piece of advice: Ask questions and don't just assume you're covered! Being prepared for those "what-ifs" from the start ensures you're not on the hook if your condo policy isn't as robust as you once thought. 

Think Outside the Unit
It's important to know that any damage done to your car in the garage or your stuff in the storage locker is covered by your personal policy, not the condo's. Many assume it's just the condo's responsibility. Don't fall into that mistake - make sure your personal policy covers your ride, golf clubs and Christmas stuff (which we all know gets crammed into storage).

Ask Questions
An inquisitive owner or buyer is always the most educated. There are certain questions that you should ask the condo board or management company so you won't be blind-sided. You don't need to go it alone. Your real estate professional can help get these questions answered quickly and accurately:

  • What is covered and not covered under the condo's insurance policy? (Tip: Get this spelled out clearly and in writing).
  • When did the condo's premium go up last?
  • What is the deductible for damages on common areas?
  • When was the last claim filed and did it affect tenants?
These questions can tell you a lot about what you can expect. Most importantly, they will provide you with the insight you need to make educated decisions.
Working with your realtor, you can identify where the gaps are in terms of coverage. This will allow you to confidently purchase a policy that lets you sleep at night!

 

 

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Tagged with: insurance condo real estate toronto east york toronto realtor east york realtor
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Jason Shaw Sales Representative

RE/MAX Ultimate Realty Inc. Brokerage

Independently owned and operated

1739 Bayview Avenue , Toronto Ontario, M4G 3C1

Phone: 416-487-5131

Fax: 416-487-1750

Mobile: 647-999-2470

shaw.jasonm@gmail.com

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