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It doesn’t matter what type of home you live in, being protected is a good feeling. If you’re a condominium owner, you know that condo insurance can help you feel at ease and  confident in protecting your home. In Ontario, it is not mandatory to have condo insurance, depending on the building you live in. Even if it’s not mandatory, it’s a great way to prepare and protect your condo from the unexpected.

For those that have insurance provided by the company that builds your condo, you may not know that it covers the building structure and common areas like the lobby, gym, and entertainment room. However, this insurance does not cover certain areas. For example, it will not cover the belongings inside your condo, your personal liability or if you decide to renovate. These gaps in your insurance are where condo insurance will protect you.

At Oracle RMS, we provide coverage for your condo based on a custom plan we tailor that’s unique to you! When the unexpected happens, we’ve got you covered.

Depending on your condo, there are various insurance coverages to consider as outlined below:

Personal Liability: This type of coverage will protect you if a guest is injured or their property is damaged while in your unit. This insurance will cover monetary damages if they sue you for those damages.
All-Risk Coverage: This insurance will cover all your belongings in your residence and also any renovations or improvements you have made to your condo. This will cover losses from all risks and perils. Some may not be included in your policy; your insurance broker will inform you of what’s exactly covered.
Additional Living Expenses: Should an incident occur that causes you to be temporarily displaced from your home, this coverage will cover the costs of living elsewhere if the reason to leave is covered. (Ex: hotel stays, meals out, rent)
Replacement Cost Coverage: This type of coverage will cover costs should you need to make a claim to replace or repair items and belongings within your unit. It will also ensure you are receiving items that are the equal quality and condition of the ones that are being replaced.

At Oracle RMS, you’ll receive:

  • A variety of quotes from different insurance carriers giving you the opportunity to go with the best price
  • A custom insurance plan for your condo with the coverages you want and need
  • Support during the claims process, making it stress-free for you
  • An insurance plan for any type of condo build

Having condominium insurance coverage will provide you peace of mind knowing your safe place is protected should the unexpected happen. The insurance provided by your condo company will not protect you in specific circumstances. These gaps within your insurance are where you could find yourself financially responsible for damages. Prepare for this and protect yourself by obtaining condo insurance. At Oracle RMS, we will create a custom condo insurance plan for you that is tailored to what makes your situation unique. Reach out to an Oracle RMS licensed professional today to receive a quote for condo insurance!

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Should you have any further questions regarding your insurance quote for Toronto or surrounding areas, please feel free to contact us and one of our representatives will gladly assist you.