What does condo insurance cover? APOLLO’s Condo and Townhouse Insurance helps protect you and your home from the unexpected. Here are a few examples of how a condo policy can help financially cover you and your personal property.
Where there’s smoke, there’s fire – and where there’s fire, there’s damage. To recover the losses, insurance helps look after you from spark to finish.
Despite our best-laid plans, pipes burst, septic pumps fail, and bathtubs overflow. Insurance gives you the helping hand you need to cover any property damage and restore your space.
This includes any costs of basic daily living and maintaining good health. They’re covered by insurance when you’re forced out of your space by the unexpected.
Protect your valuables from theft or damage. Insurance typically covers break-ins or damage to your belongings, and compensates you to be able to either repurchase or repair your property.
There are countless scenarios that can end up hurting you financially like somebody falling down your stairs and suing you. Protect yourself from potential out-of-pocket costs by making sure you have the right liability insurance in place.
Your coverage limits are the maximum amounts your insurance company will cover due to lost or damaged belongings, personal liability, or additional living expenses.
For example, APOLLO’s Condo and Townhouse Insurance offers:
Your deductible is the amount you’re required to pay when you make a claim in order to activate the coverage in your policy.
Using the cost of your coverage limits and deductible, you can determine the approximate price of your policy. In most cases, the higher your coverage limit is, the higher you’ll pay monthly or annually to be insured. A few other factors that can affect the price of your policy include:
APOLLO’s Condo and Townhouse Insurance keeps you safe from experiencing large losses due to accidents or natural disasters.
If you own your unit in Canada, this policy plays a vital role in protecting one of your most valuable assets against the unexpected, such as severe weather, theft, or liability claims. Whether you live in a studio apartment or a multi-level townhome, the right policy can help cover you financially and give you peace of mind.
APOLLO is making Condo and Townhouse Insurance effortless, so you can focus on what’s important — enjoying your home.
The cost of your condo and townhouse insurance will vary. The final price will depend on the insurance coverage limits you select, as well as what you would like your deductible to be. The cost will also be impacted by any additional coverages you would like to include in your policy.
In general, a condo or townhouse policy will be less expensive than traditional homeowner’s insurance, since your condo corporation will have its own policy to cover the building and common areas.
There is no law in Canada requiring owners to purchase insurance for their condo or townhouse. However, most condominium corporations and mortgage lenders will require that you have insurance in order to live in the building and receive your loan.
When it comes to owned condo or townhouse units, the type of coverage available is typically referred to a Personal Property, rather than Contents insurance. In general, this type of insurance helps pay to repair or replace your personal belongings, such as your furniture and clothing, after a loss that’s covered under your policy.
APOLLO’s Condo and Townhouse Insurance offers a Special Unit Owner’s Package that includes the additional Loss Assessment coverage, Unit Improvements coverage, Additional Unit coverage, with limits available up to 500% of Personal Property, subject to a maximum of $500K.