Real Estate

Confused about condo insurance - do I need these options?

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  • May 14th, 2019 9:43 pm
[OP]
Newbie
May 10, 2019
1 posts

Confused about condo insurance - do I need these options?

Okay, dumb question here, but I'm buying condo insurance for the first time and I don't know whether I need the following optional insurance. They were included in the quote they gave me.

I just bought my first place in a concrete, high-rise condo. I don't live in a townhouse nor the penhouse floor (if that makes a difference). Any help appreciated!

3.3 Outdoor drain and surface water coverage
3.3.1 With this extra coverage, we’ll pay for insured damage to your property caused by:
1) water from a blocked or backed up outdoor drain, sewer, sump or septic tank;
2) water from heavy rainfall or snowmelt that’s flowed over the ground before entering your
home or detached structure(s).


3.6 Extra roof leak coverage
3.6.1
With this extra coverage, you have broader coverage for loss or damage to your property caused by
sudden and accidental water leaks through a roof or from around windows or skylights.
3.6.2
You’re covered for damage to your property resulting from sudden water entry through your roof,
windows or skylights caused by:
a) 1.1.14.1 wear and tear;
b) 1.1.14.6 faulty or defective workmanship, materials or design;
c) 1.1.14.11 rodents, raccoons, skunks, insects, bats or birds;
d) 1.1.14.15 inherent vice or latent defect;
e) 1.1.14.16 extreme changes in temperature.
The exclusions listed above don’t apply if they’ve caused damage as described. You’re not covered
for loss or damage to the roof, windows or skylights themselves.
All other terms, conditions, limitations and exclusions of this policy continue to apply. For example,
repeated or continuous water leaks and flooding from any natural water source remain excluded
4 replies
Deal Expert
User avatar
Aug 18, 2005
20037 posts
4596 upvotes
Burlington-Hamilton
Is this like a condo townhouse? Or a highrise condo?

3.3 Outdoor drain and surface water coverage - If I was in a condo townhouse or low-rise, I would get this one for sure. Sewer backups can reach pretty high up, I've heard of buildings being filled with sewage up to the 4th floor due to a serious backup. If you are way high up, I would skip it unless you have a ground-level storage locker.

3.6 Extra roof leak coverage - I would get it 100% of the time. Plumbing defects happen all the time and you can never predict when a pipe somewhere above can explode and ruin your life.

I'm not an insurance broker.
What if there were no hypothetical questions?
Deal Addict
Apr 6, 2008
1807 posts
1152 upvotes
Ashley080 wrote: Okay, dumb question here, but I'm buying condo insurance for the first time and I don't know whether I need the following optional insurance. They were included in the quote they gave me.

I just bought my first place in a concrete, high-rise condo. I don't live in a townhouse nor the penhouse floor (if that makes a difference). Any help appreciated!

3.3 Outdoor drain and surface water coverage
3.3.1 With this extra coverage, we’ll pay for insured damage to your property caused by:
1) water from a blocked or backed up outdoor drain, sewer, sump or septic tank;
2) water from heavy rainfall or snowmelt that’s flowed over the ground before entering your
home or detached structure(s).


3.6 Extra roof leak coverage
3.6.1
With this extra coverage, you have broader coverage for loss or damage to your property caused by
sudden and accidental water leaks through a roof or from around windows or skylights.
3.6.2
You’re covered for damage to your property resulting from sudden water entry through your roof,
windows or skylights caused by:
a) 1.1.14.1 wear and tear;
b) 1.1.14.6 faulty or defective workmanship, materials or design;
c) 1.1.14.11 rodents, raccoons, skunks, insects, bats or birds;
d) 1.1.14.15 inherent vice or latent defect;
e) 1.1.14.16 extreme changes in temperature.
The exclusions listed above don’t apply if they’ve caused damage as described. You’re not covered
for loss or damage to the roof, windows or skylights themselves.
All other terms, conditions, limitations and exclusions of this policy continue to apply. For example,
repeated or continuous water leaks and flooding from any natural water source remain excluded
I wouldn't bother with either one. You'll have to check your condo's insurance policy, but generally speaking they will protect the building itself. Being that you aren't on the ground or roof, the only way you could get weather related water would be through a faulty window, which would most likely be convered by the condo insurance policy. How much of a difference is the extra riders?
Deal Fanatic
User avatar
Feb 2, 2014
8588 posts
2453 upvotes
Toronto
Ashley080 wrote: Okay, dumb question here, but I'm buying condo insurance for the first time and I don't know whether I need the following optional insurance. They were included in the quote they gave me.

I just bought my first place in a concrete, high-rise condo. I don't live in a townhouse nor the penhouse floor (if that makes a difference). Any help appreciated!

3.3 Outdoor drain and surface water coverage
3.3.1 With this extra coverage, we’ll pay for insured damage to your property caused by:
1) water from a blocked or backed up outdoor drain, sewer, sump or septic tank;
2) water from heavy rainfall or snowmelt that’s flowed over the ground before entering your
home or detached structure(s).


3.6 Extra roof leak coverage
3.6.1
With this extra coverage, you have broader coverage for loss or damage to your property caused by
sudden and accidental water leaks through a roof or from around windows or skylights.
3.6.2
You’re covered for damage to your property resulting from sudden water entry through your roof,
windows or skylights caused by:
a) 1.1.14.1 wear and tear;
b) 1.1.14.6 faulty or defective workmanship, materials or design;
c) 1.1.14.11 rodents, raccoons, skunks, insects, bats or birds;
d) 1.1.14.15 inherent vice or latent defect;
e) 1.1.14.16 extreme changes in temperature.
The exclusions listed above don’t apply if they’ve caused damage as described. You’re not covered
for loss or damage to the roof, windows or skylights themselves.
All other terms, conditions, limitations and exclusions of this policy continue to apply. For example,
repeated or continuous water leaks and flooding from any natural water source remain excluded
For a high rise building, you don't need this. The condo corp will have building insurance that will cover this. This is their responsibility.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Deal Fanatic
User avatar
Dec 24, 2002
5991 posts
1028 upvotes
High-rise no not needed. If unsure ask your broker why he thinks you should have ..ie what scenario does he foresee. I once had a friend in a highrise who was duped into buying sewer back up ..again not needed
http://www.heatware.com/eval.php?id=14378
Ole Gunnar IN!!!!
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