Condominium Insurance
Your condo is a home, as well as an investment. Protecting your asset requires proper insurance coverage, with Condominium Insurance designed specifically for the unique needs of condo owners.
At P.D. Foster Insurance, we understand the importance of finding affordable coverage that fits your needs and budget. As insurance brokers, we work with a range of insurance providers to help you explore Condominium Insurance options that provide protection for your home, belongings, and personal liability when the unexpected happens.
Why You Need Condominium Insurance
Condominium Insurance is designed to provide protection for the unique needs of condo owners, with coverage that may include your unit and improvements, personal belongings, additional living expenses, and personal liability, depending on your policy.
Having a condo policy protects you beyond the condo corporation’s coverage ensuring your home is restored and you have funds to cover your lost personal belongings. Our team will work with you to find the proper coverage for your condo so you suffer as little impact as possible should the unthinkable happen.
What does Condominium Insurance cover?
Our condominium policies cover the following in the case of incidents such as fires, water damage, or theft:
- Your upgrades: If you invested in upgrades to your unit, such as a new kitchen, flooring, or even something like crown moulding, your policy covers these details to ensure your home is brought back to the same level of design prior to the damage. Be sure to review your condo bylaws, as some corporations will even make covering the original details such as flooring and kitchens your responsibility.
- Your “Contents”: This refers to any of the personal or specialty property stored in your unit at the time the event occurs. It is very important to have an up-to-date list of all your belongings, especially expensive items such as art, jewellery and antiques and share this with your insurance company to have the right amount of coverage.
- Third-party liability: This is very important coverage when you live in a condo community. If you are responsible for damage to other units whether it is starting a fire, or causing a leak, you can be held responsible for their damages. Liability coverage takes care of both property damage to other units, as well as any injuries caused by something like water that causes floors to become slippery resulting in a fall.
- Locker Contents: If your condo includes a locker somewhere in the building, be sure you include insurance to cover damages that might occur to your property, or if theft or vandalism occurs.
- Special Assessment: Additional insurance we often recommend to our condo clients is Special Assessment insurance. Special assessments can occur when the condo management runs out of funds to cover repairs and replacements. When this happens the condo owners must cover the costs. In these cases, your special assessment insurance can be used to cover the amount you are expected to contribute.
We customize your Condominium Insurance to meet your unique needs based on your lifestyle, location, and risks to maximize your protection.
Why Choose P.D. Foster Insurance
At P.D. Foster Insurance we have been offering specialized insurance services such as condominium insurance to our customers since 1949. As a family-owned brokerage, we are focused on customer service and finding cost-effective Condo Insurance policies that minimize premiums while maximizing your coverage.
Our team focuses on insurance solutions with comprehensive policies customized to your specific needs. As insurance brokers, we can search for the right coverage from different providers, so you have the most coverage with the lowest premiums.
For more information about Condominium Insurance, speak to our team today.