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Comprehensive Condo Owners’ Insurance with LMBF

If you have a mortgage on your condo or rent it through a landlord, you may be required to carry condo insurance. Even still, condo owners’ insurance is highly recommended even if you are not required to purchase it as it contains certain coverages that can protect your personal liability and the contents within your unit. Just like any other home, your condo is likely to be one of your most vital assets - so you’ll want to ensure it’s protected. LMBF offers an easy way to apply for a free condo insurance quote that takes no time at all and can start you on your way to better coverage.

What Does Condo Insurance Cover?

Contents Insurance

Contents Insurance

Condo insurance includes coverage to pay or restore everything in your unit from the walls in should your property or unit be damaged as a result of a covered peril, such as fire, vandalism, theft, falling objects, weather damage, etc. This can include your electronics, appliances, and your furniture.

Liability Insurance

Liability Insurance

While your landlord or condo corporation may have their own insurance which covers their liability, it doesn’t cover yours. A standard condo insurance policy will include third-party liability to insure you against legal expenses arising from damages or injuries that you are responsible for. It may even pay for medical bills resulting from an accident you were liable for.

Additional Living Expenses

Additional Living Expenses

In the event that you are forced to evacuate from your condo (temporarily) as a result of an insurable loss, your condo owners’ policy contains coverage for expenses that may come from temporary living arrangements. This includes hotel or motel bills, food costs, replacement clothing, and more. This coverage does contain limits and only costs within reason are covered.

  What condo insurance covers
  • Unexpected damages or losses
  • Fire and theft
  • Personal liability
  • Your belongings
  • Loss of use
  What condo insurance excludes
  • Wear-and tear damage
  • Lack of maintenance losses
  • High-value belongings without an endorsement
  • Unnecessary costs during evacuation

How much is an average condo insurance policy?

Condo insurance is not a mandatory expense but it is certainly a necessary one! Many people hesitate because they do not want to spend the extra money but condo insurance can save you from having to make larger out-of-pocket costs in the event that you experience a loss. Condo insurance can range in cost but is generally inexpensive. While an “average” cost is hard to determine, you can expect to pay more or less depending on the items you own, your coverage options, where you are located, and your insurance history.

Types of Condo Insurance Coverage

Hopefully, you will never have to make a claim. If you do, it’s not a bad idea to have a general idea of what your condo insurance covers. Below is a list of some condo insurance options that may be available to you, in addition to some standard coverages. If you are unsure about what your condo insurance policy covers, be sure to discuss it with your broker or call up LMBF to discuss your insurance needs today.

Contents Coverage

Contents Coverage

  • Clothing
  • Furniture
  • Appliances
  • Electronics
  • Books
Storage Unit

Storage Unit

  • Stored belongings
  • Winter gear
Third-party liability

Third-party liability

  • Lawsuit expenses
  • Settlement fees
  • Defense costs
Additional living expenses

Additional living expenses

  • Hotel bills
  • Food
  • Accommodation
  • Travel
  • Clothes
Jewelry rider

Jewelry rider

  • Jewelry
  • Furs
  • Collectibles
  • Wine
  • Art
Umbrella liability

Umbrella liability

  • Extended liability
  • Claims in excess of basic
  • Expensive lawsuits
Sewer backup

Sewer backup

  • Sump pump rupture
  • Damaged sewer lines
  • Sewer backup
  • Septic system
Home-based business

Home-based business

  • Office equipment
  • Client activity
  • Inventory
Identity theft

Identity theft

  • Restoration costs
  • Relicensing
Earthquake

Earthquake

  • Earth movements
  • Personal belongings
Refrigerated property

Refrigerated property

  • Frozen food
  • Freezer contents
Sports equipment

Sports equipment

  • Skis
  • Golf clubs
  • Bikes
Betterments & Improvements*

Betterments & Improvements*

  • Countertops
  • Flooring
  • Fixtures, etc.
  • *in excess of standard builder specs

Our Condo Insurance partners

LMBF partners with some of the top condo insurance companies in Quebec to help you get better coverage, faster. We are confident that we can help you find a condo insurance quote that fits both your budget and coverage needs from any of the companies that we represent. Let us do the shopping for you and find you solutions for your unique needs. If you ever have any questions about your coverage or want some tips on saving costs, give us a call to discuss.

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Condo Insurance in Quebec: Frequently Asked Questions

A: The answer depends on your overall coverage needs. Although condo insurance is relatively inexpensive, you can expect it to cost a little more if you require more coverage or purchase additional endorsements. Your coverage needs may vary depending on what you own, the risks you face, etc. If you are unsure as to how much coverage you need, discuss with a condo insurance broker from LMBF.

A: Your condo insurance is designed to cover your belongings, including your appliances. The only exceptions are if you own any items of a higher value that may not constitute as “regular” contents which necessitate the purchase of a jewelry rider or a high-value item endorsement. This covers items like engagement rings, collections, fine art, and more.

A: It depends. Generally, you can expect that your belongings may have coverage if they are damaged as a result of a water leak, but your condo insurance does not cover your physical dwelling. Instead, your landlord or condo corporation has insurance that will cover the condominium building or physical structure of your property.

A: As a general rule of thumb, you should insure your condo for around $40,000 for personal property per 1,000 square feet and add an additional $5,000 for every additional 500 square feet. For personal liability, a minimum of $100,000 is generally the recommendation but you can choose much higher amounts of up to $1,000,000 to even $2,000,000.

A: Every insurance policy looks different depending on the provider, the insuree’s needs, the type of condo unit you own, your belongings, and more. LMBF matches you with an insurance carrier that best fits your budget needs, your coverage requirements, and more. In short, there is no “top condo insurance company” (although we like to think our partners are among the best) but there is the “right” insurance company - i.e, the one that best matches your needs.

A: Condo insurance generally does not include coverage for flooding. Moreover, you will not be covered by your condominium corporation’s insurance (as this only covers common areas and the walls - not your belongings.) You have the option of purchasing additional flood insurance to cover your belongings from this type of risk.