Personal Finance

Condo Insurance Question

  • Last Updated:
  • Jul 12th, 2013 2:16 am
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Jr. Member
Jul 21, 2005
160 posts

Condo Insurance Question

I purchased a condo recently. My lawyer advised that I should consider condo insurance after I purchase the condo but did not indicate that it was necessary before closing.

I started shopping around for quotes and places like TD have said they won't provide content insurance due to a gap in insurance.

Anyone know of a insurer that will still provide coverage?
5 replies
Sr. Member
May 26, 2010
575 posts
139 upvotes
I'm sure that a insurance broker would be able to help you out. I'm not sure why they wouldn't offer contents insurance because of the gap?

Please do remember that as things stand you are liable for any out of unit damages originating from your unit (which can cost a lost more than a contents claim would). That would be my primary concern.
Deal Addict
Nov 17, 2004
3236 posts
1612 upvotes
^ especially water damage. Make sure that your insurance includes water damage, as some do not.
Newbie
Jun 10, 2011
3 posts
Toronto
Eye8Pussies wrote: ^ especially water damage. Make sure that your insurance includes water damage, as some do not.
does water damage coverage = sewer backup coverage that I see listed on most insurance websites?
Deal Expert
User avatar
Nov 2, 2003
17117 posts
3872 upvotes
GTA
i didn't get condo insurance until several months after i closed on my unit. during that time, there was no one living there and also no catastrophic thunderstorm.
Deal Addict
Nov 17, 2004
3236 posts
1612 upvotes
moreDANTE wrote: does water damage coverage = sewer backup coverage that I see listed on most insurance websites?
Yes, exactly. Or if you leave your tap on and flood your unit by accident. If that happens and you don't have insurance, you're pretty screwed, as the water will not only wreck your unit, but often wreck the unit below you as well and you would be liable for their damage as well.

I recently package my condo insurance with my car insurance with belair and saved about $900/yr. even though the condo insurance was about $100 more than my previous insurer. BUT when I looked more closely, I realized that the previous policy had no coverage for water damage.

I'm very happy now that I switched and also made sure that I had water damage covered now.

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