How does Ottawa condo insurance work?
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It’s estimated that 4% of all condo units in the country are in the Ottawa region. This is more than 65,000 units and this number continues to increase. Almost 40% of new housing starts in the area are condos. With the increasing demand for this type of insurance, there’s also a need to understand it.
Condo insurance offers you many of the protections that are offered as part of home insurance in Ottawa. But there are also stark differences you need to know about. Condo buildings and unit owners have several types of coverage. As an owner, you’ll need a policy to protect your belongings and the interior of your unit. You’ll also need liability protection. This is not covered by your condo corporation's insurance or condo fees.
Like homeowner insurance, you can add options to build out your policy to meet your unique requirements. For example, if you have an extensive wine collection, you can take out additional coverage to ensure it.
In terms of regulations, the FSRAO oversees insurance in the province. Section 6 of the Condominium Act regulates condo corporations concerning insurance.
What does Ottawa condo insurance cover?
Condo insurance provides you with protection for your condo unit, personal belongings, liability and more. Here is what is included in a typical plan:
- Personal belongings: This protects almost everything within your unit that you own including your clothing, electronics, furniture, and possessions. This is also referred to as contents insurance. You also have the option to increase your coverage limits or add protection for specific types of personal belongings.
- Property: This covers damage to anything structural within your units’ interior – floors, ceiling, walls, etc.
- Liability: Protection from lawsuits if someone is injured while in your unit.
- Additional living expenses: This pays for your hotel and accommodations while your unit is being repaired because of an insured loss (fire, flood).
- Betterment: Compensation to upgrade your unit after a covered loss.
- Loss assessment: Offers compensation for your share of the deductible from your condo corporations’ loss from damage caused to the building or common areas.
Optional insurance for your Ottawa condo
In addition to the main protection in your policy, you also have many options you could add to increase your protection. Here are some of the most common:
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Home sharing
You’ll need home sharing insurance coverage if you rent your unit on Airbnb or other home sharing sites.
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home business coverage
You’ll need special coverage if you run a business out of your condo. Make sure you have the right coverage in place to protect your business and assets.
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Sewer backup
Water issues happen in condos too! Sewer backup insurance will ensure you’re protected if a clog or leak causes water damage.
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Identity theft
Fraud is on the rise. Identity theft insurance will help you with the recovery process.
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Earthquakes
Earthquake insurance is an option for those living in seismic zones. Ottawa is located in a low-risk seismic zone.
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Endorsements
Insurance endorsements can be added for many types of high-value items such as jewellery, arts, collectibles, and sports equipment.
