Condo insurance in Quebec: Get a quote and buy online

Condo insurance is insurance you purchase that offers coverage to mend the gaps and exposures that the condominium association master policy may leave. While it depends on the amount of coverage you purchase and what the master policy already protects, your average condo policy may include coverage for your utilities and appliances, the interior walls of your individual unit, and your personal property. In addition to this, your condo insurance also protects your personal liability, in the event you are responsible for someone else’s injury or property damage.

Condo insurance is important because many condo owners assume their condo association’s master policy will cover them. This is true to some extent, but it leaves out some features of your personal unit, your amenities and possessions, and your personal liability. Without condo insurance, you may be left to pay for these items solo.

Your condominium association has a master policy that may cover every original appliance, system (wiring, plumbing) and original furniture in your personal unit as well as common areas, or the “bare minimum” which does not include anything within your walls but covers common areas and the condo association’s liability. You may choose to review your condo’s master policy to ensure that the condo insurance you purchase will cover anything that this policy does not.
That should include:
• Your personal unit, if your condo’s master policy omits this
• Your valuables and possessions
• Your personal liability
Basically, you will want your condo insurance to cover the gaps left by the condo association master policy. You can enlist the help of a broker to ensure this is done properly.

Your condo insurance will include coverage for your personal belongings up until a stated limit. It doesn’t hurt to take an inventory of everything you own to assess if your coverage is enough. You can purchase a rider or insurance “floater” (as it’s sometimes referred to in the insurance sphere) to include your valuable possessions or expensive collectibles if your existing coverage is not enough to cover them. You may want to request the help of your insurance broker to review your needs and help you choose the most suitable plan for your requirements.

Your condo association master policy can be one of two types: it can cover the appliances and fixtures in your condo, carpeting or flooring, plumbing, but exclude your personal property. This is sometimes referred to as an “all-inclusive” master policy. Or, your condo association master policy can be a “bare walls” master policy, which means it will not cover anything within your walls. This can sometimes include your condo’s systems, but sometimes it won’t. No matter which type your condo association master policy falls under, it will include coverage to common areas and the condo association’s liability.

Yes, your appliances are covered with replacement cost up to the limit of your insurance amount.

Vandalism, burglary and theft are included in your condo insurance if you have personal property coverage. This can even extend to items stolen from your vehicle, just as home insurance might cover personal belongings in your car. There are always exclusions, especially with higher value items. You may need to inquire about a rider or endorsement for full coverage if you own any valuables. Always take a full inventory of everything you own so that you know how much coverage you need and what their total value is. You can adjust accordingly. Condo owners are often surprised to see the total value of everything they own!

Major storms like windstorms and tornadoes are covered for your possessions and the interior of your condo, if your condo association master policy does not already included coverage for this. Your condo association master policy may also cover damages to plumbing, wiring, fixtures, etc. – but you should check to see beforehand and ensure that your condo insurance policy covers any gaps.

Everyone needs a different amount of condo insurance based on the valuables they own and what their condo association master policy does/does not include. You may want to take inventory of all your belongings and calculate the total cost it would take to replace your belongings as they stand today following a disaster. Some valuables may even require additional coverage. A broker will be able to help navigate your needs and discuss your coverage requirements with you. They can help you find the right policy that covers the gaps your condo association master policy leaves and protects your personal assets, investments, and your personal liability.

The cost of condo insurance varies by location, condominium, value of personal property, and the coverage you carry. You can get a quote from an insurance broker (like Panda7) to estimate how much your condo insurance will cost overall. Typically, a condo insurance policy can cost as little as $20 per month, ranging between the averages of $25 to $35 per month. You can expect to pay more or less depending on your limits and coverage options.

Condo insurance in Quebec: Get a quote and buy online

Insurance for condo owners

Compare condo insurance quotes today

Why customers choose Panda7

Condo FAQ

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Condo insurance in Quebec: Get a quote and buy online

Insurance for condo owners

Compare condo insurance quotes today

Why customers choose Panda7

Condo FAQ

What is condo insurance?

Why is it important?

What does condo insurance cover?

Does it include my valuables?

What does the “condo association master policy” cover?

Does my condo insurance cover my appliances and utilities?

Does my condo insurance cover theft or vandalism?

Does my condo insurance cover natural disasters?

How much condo insurance do I need?

How much does condo insurance cost?

Ready to start saving?

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