Insuring your own house
The amount of insurance on the house is usually the amount required to re-construct your house if it were completely destroyed. We can help you determine that amount. You do not need to insure the value of the land.
Insuring your condo unit
As a condominium owner, you have title to your own “unit” as well as a share in common areas such as lobby, swimming pool, parking garage, or garden. A condominium insurance policy provides coverage for your personal belongings as well as liability for any incidents in the common areas.
Even if you don’t own your home, you still need insurance to protect your belongings and to help meet your obligations to others, including your obligations to the owner of the home or apartment you are renting.
You could have a legal responsibility to replace an entire apartment building even though you may be renting only a small part of it. Your stove, for example, could catch fire, leading to damage by smoke, fire and water to the whole building. Or suppose a visitor were to be injured in your apartment and sue you; you’d be responsible for paying any legally awarded settlement.
These are packaged insurance policies offered to qualified Homeowners, Condominium Owners and Renters.
- Dwelling Building (Homeowners only)
- Detached Buildings (Homeowners only)
- Personal Property
- Additional Living Expenses
- Loss Assessment (Condo only)
- Contingency Insurance/Unit Additional Protection (Condo only)
- Unit Improvement (Condo only)
- Personal Liability
- Voluntary Medical Payments
- Voluntary Payments for Damage to Property
- The dwelling and attached structures;
- Permanently installed outdoor equipment on the premises;
- Outdoor swimming pool and attached equipment;
- Structures or buildings separated from the dwelling by a clear space. E.g., detached garage, storage shed
- Contents of the dwelling and other personal property you own, wear or use while on your premises which is usual to the ownership or maintenance of a dwelling;
- Insurance coverage applies while on premises at the dwelling location and off premises if temporarily away from dwelling location.
- While an Insured Peril, such as fire and water, makes location dwelling unfit for occupancy, necessary increase in living expenses and moving expenses to maintain normal standard of living will be covered.
- If an Insured Peril makes that part of the dwelling or detached private structures rented to others unfit for occupancy, fair rental value will be covered.
- A special assessment that is valid under your condominium corporation’s governing rules and is made necessary due to a direct property loss that affects a shared part of the premises (such as the lobby or elevator) that has been caused by an Insured Peril, or if it is due to legal liability arising out of a shared ownership of common areas of the condominium premises.
- Note: insurance companies have different provisions for paying the amount made necessary by a deductible in the insurance policy of the Condominium Corporation.
- Insuring the property pertaining exclusively to your unit in case the Condominium Corporation has no insurance, its insurance is not adequate, or it is not effective.
- Insuring additions, alterations, fixtures, improvements or installations made by you or acquired at your expense to your unit.
- Compensation for loss because of bodily injury or property damage to a third party, for which you are legally liable.
- Medical expenses of other persons not residing with you, or of residence employees, who sustain bodily injury accidentally on the premises or caused by you unintentionally.
- Medical expenses covered by other insurance contracts or Workers’ Compensation are excluded.
- Payment for direct physical damage to property of other persons, or of residence employee, which you unintentionally caused.