Why Compare Condo Insurance Quotes at Insurance Hunter?
As a condominium owner, the first thing you need to do is protect your pad with a great condo insurance policy. Insurance Hunter helps you find the right condo insurance coverage for the best price. Our service is quick, it's easy, and it's free!
We use the latest quote comparison technology (with access to the top insurers in Canada) and combine it with the best and most knowledgeable insurance professionals around to find you the cheapest rates on condo insurance.
Fill out the condo insurance form on our website with a few key details and we'll provide you with the 10 best quotes available to you. One of our Insurance Hunters will then help you review and finalize your new condo insurance policy and answer any questions you have.
Our hunters are licensed insurance professionals who have one goal in mind: to make sure you're getting the right coverage at the lowest possible price. They'll even give you some tips to help you save even more money on your condo insurance!
What to Expect From Insurance Hunter
Here's what condo insurance shoppers can expect from InsuranceHunter.ca:
- 10+ Condo Insurance Quotes in 3 minutes or less
- Average condo insurance savings of $100+
- Quotes from many of the top providers in your area
- Access to qualified, independent, fully-licensed insurance professionals that give unbiased advice
- No sales pitches or weird up-selling
- Always secure and private -- your information is confidential and will never be shared or sold
- A service that's available around the clock, 24/7!
Insurance Hunter Explains: Why you need condo insurance
The condominium corporation pays for your condo insurance, right? Wrong! Your condo corp's insurance only provides coverage for common areas and major damage to your building's structure. The interior of your unit and any of the contents inside it still need to be insured by you, the condo owner.
Top 3 reasons to get a condo insurance policy:
- You're financially covered if the interior of your condo unit gets damaged. If your unit suffers water, fire, or some other type of damage, your condo policy will pay for the repairs.
- You'll be able to replace your stuff if something bad happens in your unit. If the belongings inside your unit get damaged, a condo policy will help pay replacement (or repair) costs. Buying new furniture, clothes and electronics all at once is more expensive than you think!
- You'll have liability coverage. If someone gets hurt or injured in your condo, a condo insurance policy will help pay for medical and legal expenses, including any judgement against you.
Insurance Hunter Explains: Types of condo insurance coverage
Take it from our Insurance Hunters: condo insurance can be a bit confusing. Here's what you really need to know about your coverage:
The Condo Corporation Master Policy. This is the policy the condominium association carries on the building and the surrounding property. It's important because you need to know what it does and doesn't cover in your unit. There are two basic types of master policies:
The 'all-in' condo master policy, also called a 'single-unit' master policy, which covers some parts of your condo unit like plumbing, wiring, carpeting, and appliances.
The 'bare walls-in' condo master policy, which does not cover anything contained within your unit's walls. Some of these policies do still cover basic electrical systems and plumbing.
The Condo Owner's Insurance Policy. This is the policy that individual condominium owners like you need to buy. The fancy term for this type of insurance is "HO-6", and you definitely need it for your condo. The HO-6 policy covers the interior of your unit, including walls, floors and ceilings against damage from a variety of hazards such as water, fire and theft. Your personal property inside the condo is also covered. HO-6 policies also provide liability coverage in case someone is injured in your unit.
Here's a rundown of what your condo policy covers:
- Furniture, electronic equipment, carpets
- Interior walls and flooring
- Your personal property in the condo (furniture, clothing, electronics, etc)
- Repairs to walls, damage floors, windows
- Living expenses if you should need to temporarily relocate while your condo is being repaired
- Meals you need to buy if you can't live in the condo following a claim
- Liability payments
Insurance Hunter Explains: How to make a claim
Condo damaged? Here's how to make a claim:
Call the number on your policy -- you will be connected to a claims representative, who will take all the information needed for the claims process. You'll want to provide them with:
- Your policy number
- Details about the situation
- Any police or fire department report related to the damages
- Receipts or user manuals for the items or appliances that were damaged
Insurance Hunter Explains: How to be prepared for a claim:
Making a condo insurance claim is always easier if you're prepared for it ahead of time. Here are some easy things you can do to make sure your claims process goes as smoothly as possible. The key is to provide proof of your losses so that you'll get fairly reimbursed for your claim. Remember to:
- Have a complete list of your belongings
- Save receipts for more expensive items as proof of their value
- Take photos or videos of your property
- Obtain an appraisal on jewelry or valuable artwork
Insurance Hunter Explains: What determines your insurance rate?
Insurance companies use a wide range of factors to determine how much your condo insurance premium will be. Some of the information used to calculate your rate includes:
- The area where you live
- The type of heating/AC system, plumbing, electrical wiring
- The age of the building
- Your claims history
- Location of the nearest fire hydrants and fire station
- The estimated expense of repairing your condo
- The total value of your contents
Insurance Hunter Explains: How to get a better rate on condo insurance
Condo insurance shouldn't break the bank. You can reduce your rates if you follow these tips:
- Ask for discounts -- most insurance companies offer discounts to customers who purchase multiple insurance policies with them, like condo and car insurance
- Install an alarm system – having extra security in your condo can get you a discount
- Raise your deductible -- like magic, a higher deductible will decrease the cost of your policy!
- Choose a condo in a safe area -- it's all about location, location, location. Condos in better areas are often cheaper to insure.
- Choose a newer condo -- units in old buildings can be more expensive to insure.
Condo Insurance: Straight talk and tips from our Insurance Hunters:
Bruce says: "Talk to your condo association to find out what type of master policy they have and what it covers for you. This way, you'll know what you need to have included in your own condominium insurance policy."
Sandy says: "If you have valuable jewelry or collectible items, you should find out if you need to buy additional coverage. Most policies have a limit of $1,000 to $2,000 to cover theft of these types of items."
Kenny says: "Always ask your insurance company about 'Safety Discounts'. Items like smoke detectors, deadbolt locks, and an alarm system keep your property protected and may qualify for a discount."