Real Estate

Condo Insurance for Owner Occupiers

  • Last Updated:
  • Jan 8th, 2021 12:54 pm
[OP]
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Apr 12, 2013
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Moon

Condo Insurance for Owner Occupiers

Hey guys,

I just closed on my first condo and I am looking to move in. I spoke to my lawyer while closing and he recommended that I get liability insurance (in case I get sued for fire etc).

My question to you fellow condo livers are:

1) Do you have insurance? If not why not?
2) How much did you pay?
3) Any clauses I should look for when closing on the insurance
Koodo, Public Mobile, Lucky Mobile Customer
13 replies
Jr. Member
Jan 6, 2006
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Yes you should. A very small price to pay to protect your investment/property. Usually comes with $1 million liability insurance. You can get a quote easily online but it's relatively inexpensive.
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Nov 2, 2020
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kangarooz wrote: Hey guys,

I just closed on my first condo and I am looking to move in. I spoke to my lawyer while closing and he recommended that I get liability insurance (in case I get sued for fire etc).

My question to you fellow condo livers are:

1) Do you have insurance? If not why not?
2) How much did you pay?
3) Any clauses I should look for when closing on the insurance
Yes it’s totally worth it. I know I could get a cheaper one but honestly just haven’t had time to shop around I pay around 275 per year with Desjardins

Liability: $1, 000, 000
Dwelling Improvements: $1, 72, 200
Fair Rental Value:$24,600

I always had it since I got my condo. One time some guy in one of the units left his pot on! Smoke all over and his unit got damaged. You never know what can happen better to have it than feel sorry later.

By the way congratulations on your new condo! I hope you enjoy it and have fun decorating it I feel that is the funnest part!!
Jr. Member
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Dec 25, 2008
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Toronto
Isn't that required from most developers? I'm also moving in soon and was asked to provide proof of insurance in order to get the keys
[OP]
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Apr 12, 2013
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dcpyke wrote: Isn't that required from most developers? I'm also moving in soon and was asked to provide proof of insurance in order to get the keys
rb wrote: I think your mortgage holder will require insurance
I am with TD they didnt ask me, nor did building management lol. I am looking to get it soon anyways.
Koodo, Public Mobile, Lucky Mobile Customer
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May 29, 2020
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A few hundred bucks a year to protect an investment worth several hundred thousands... Do you really need to ask?
Jr. Member
Nov 5, 2005
104 posts
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Definitely get it, and if you have other policies you can slot this under the same umbrella. Also make sure your deductible isn’t high, $500 or less is ideal.

Worst enemy in condos are water damage, so make sure you get that coverage.
TheSpaceMonkey wrote: A few hundred bucks a year to protect an investment worth several hundred thousands... Do you really need to ask?
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Dec 24, 2002
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kangarooz wrote: I am with TD they didnt ask me, nor did building management lol. I am looking to get it soon anyways.
Thats weird , lets say if you caused a fire for $500,000 in your building and there is a lien against your property , without liability insurance how with the bank be protected ?
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[OP]
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Apr 12, 2013
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Moon
rb wrote: Thats weird , lets say if you caused a fire for $500,000 in your building and there is a lien against your property , without liability insurance how with the bank be protected ?
apparently td doesnt care :/ I am more worried about personal damage to be honest. I am shopping guys just looking for advice, I didnt say i wasnt going to get :/
Koodo, Public Mobile, Lucky Mobile Customer
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Dec 9, 2017
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atom2020 wrote: Yes it’s totally worth it. I know I could get a cheaper one but honestly just haven’t had time to shop around I pay around 275 per year with Desjardins
Wow, and I was going to say 275 is pretty cheap already. I just completed a quick quote with Square One Insurance (budget online insurance provider) and I got a quote of $635/yr with worse coverages than yours.
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Nov 2, 2020
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eth4real wrote: Wow, and I was going to say 275 is pretty cheap already. I just completed a quick quote with Square One Insurance (budget online insurance provider) and I got a quote of $635/yr with worse coverages than yours.
I feel good then lol! Someone told me I was paying too much and could get cheaper. I personally have never looked I just figured I have been with them for years so may as well stick with them
Deal Fanatic
Apr 11, 2006
8979 posts
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Mississauga
As others have mentioned, mortgage lender, usually requires that you have insurance for your property, to protect their investment should a loss occur.

You should get at least $1M liability, but it usually wouldn't cost much extra to bump it up to $2M (which I recommend for likely $20 or less from my own experience anyways).

One thing you should pay close attention to is the Condo Corporation's Master Policy deductible limit, which you would get from the Property Management.

Your own policy needs to line up with the Condo Corp's Master Policy deductible - that usually appears in the form of "Loss Assessment Coverage - Deductible" or something along those lines. Typically starts at $25,000 and steps up by $25,000 increments. If the Master Policy is $50,000 and you only have $25,000 there can be a gap in coverage should a loss assessment to all owners of the building occur. So it's very important to ensure this lines up.

Note, the above deductible is not to be confused with your policy's standard deductible, which is likely anywhere from $500 and up.
Last edited by kenchau on Jan 8th, 2021 3:43 pm, edited 1 time in total.
Newbie
Aug 10, 2012
52 posts
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Toronto
Echo all comments above. Get it and shop around yearly to keep rates in-check.

I'm at ~$350 per year with Aviva, 2 mil liability, overland water and first claim forgiveness.

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