Condominium Insurance

Choosing the right insurance for your condo means knowing your specific condo type and how your insurance relates to your condo corporation setup. Here are the common types of condo ownership or rental agreements to be aware of as you look to find the right insurance:

Life Lease

Sounds daunting, doesn’t it? Fear not! A life lease is just the right to occupy a specific unit, which includes the use of common areas, in exchange for an initial lump sum payment and monthly payments to cover management fees, maintenance and operating expenses. This agreement is typically for life or until you are no longer capable of living there and you move on to your next grand adventure!

Bare Land Condominium

This topic can get confusing. Is it the land? Is it the condo? Who is responsible for what? By definition, a bare land condominium is a “privately owned property defined by the size of the lot on which the building sits, including structure, landscaping and outbuildings. Areas outside the lot can be owned and used by all unit owners, with these common areas being the responsibility of all unit owners.”

Here are a few other key points regarding Bare Land Condos:

  • The boundaries that determine the area of a unit in a bare land condominium are based on pins (stakes) in the ground, which mark out the area of land that forms the condominium units. Therefore the condominium is technically “land only”.
  • This land area then becomes the units of the condominium, which are owned by way of title.
  • All of the areas within the land unit, including any buildings, are owned by the owner of the condominium unit. These areas are the responsibility of the owner and will have to be insured as such.

Condominium Unit

This is a privately owned unit inside a building or structure. Each of these units is defined by the walls, floor and ceiling. All of the areas outside of the defined area are considered common property owned by all unit owners.

Co-operative Housing

A co-operative is an association of people who, through a jointly owned and controlled business model, share an infrastructure to meet common economic, social and cultural needs. The difference between co-op housing and rental units is that they are democratic communities where the residents of the co-op make decisions on how it operates.

There are two main types of housing co-ops: for-profit and non-profit. Many provinces require that housing co-ops operate as non-profit. If the co-op is non-profit, members cannot sell their shares in the co-op. In for-profit housing co-op’s, members own a share of the co-op, but not the individual unit they live in.

Rentals

Landlord/Tenants have rights and obligations, including the right of the tenant to occupy and use a building space.

Coverage Considerations

In addition to the usual coverage such as property, personal liability, additional living expenses and valuable articles, here are some additional coverage considerations:

Improvements and Betterments

This includes improvements to the standard unit and common elements to which you have exclusive use. Since you have been the owner, have you improved upon the unit at all? What would it cost to replace the work you have done?

Common Elements

Are spaces shared among the owners? This can be anything from a party room to the gym in your condo building.

Corporation Deductibles

Life leaseholders or condominium unit owners may be held responsible for a share of the condo corporation deductible which may be $50,000 or more.

Glass

You may be responsible for replacing damaged windows and doors.

Sewer Back-up and Water Escape

Are you exposed to this type of loss? Just because you are sitting pretty on the top floor doesn’t mean you are free and clear; sewer back-up losses can even wreak havoc on the top floor of a building.

Flood Damage

Is the building located in a floodplain? Do you have a storage locker on the main floor or underground that could be affected?

Condominium Unit Owners Contingent Insurance

This insures your unit, minus any improvements made by you, in the case that the Condominium Corporation insurance is not effective or is inadequate.

Loss Assessment

This covers your share in the instance that the corporation/association policy does not cover the total damage, excludes the loss, or where there are insufficient funds in the case of a lawsuit against the corporation/association.

Owner-occupied or Investment Property

Do you rent out your unit? Is it sitting vacant? This may affect your coverage. Keep us informed and keep your policy up to date.

Whatever your situation may be, we are here to match you with the coverage that you need.

Worldwide coverage up to a maximum of $5 million

*Trip lengths up to 182 days (different options available)

*No age restrictions unless it is a family plan then up to age 59
Worldwide coverage up to a maximum of $10 million

*Trip lengths up to 125 days (different options available)

*Available to persons up to and including age 59
Different sums available for purchase

*No age restriction for single person. Family plan up to age 59. Two people plan up to 64
Different sums available for purchase.

Includes:
• Emergency medical coverage
• Trip cancellation or interruption
• Accidental death and dismemberment
• Baggage
Must be purchased with a travel health plan.

*Maximum limit for air flight/common carrier accident is $100,000

*Maximum limit for 24-hour accident is $25,000
Includes the following:

• Emergency medical insurance
• Trip cancellation & trip interruption
• Accidental death & dismemberment
• Baggage insurance

*Only available I 59 years or under

*Pre-existing condition clause does apply
Includes the following:

• Emergency medical insurance
• Trip cancellation & trip interruption
• Accidental death & dismemberment
• Baggage insurance

*Only eligible for customers no more than 89 years old
Baggage Insurance

Rental Car Insurance (physical damage only)

Contact, adventure or extreme sports coverage

*Must be purchased with another plan
Baggage Insurance

Canadian Expatriates Plan

Inpatriates to Canada
Must be purchased with a travel health plan.

*Trip interruption can be purchased separately
Basic or Select plans available

*Only eligible for customers no more than 89 years old

*Trip interruption can be purchased separately
Must be a student and less than 40 years of age

*$2million in coverage
*Family plan available ifunder 40
None available
Must be a student and less than 69 years of age

*$2 million in coverage
*Family plan available if under 59
Must be a student and less than 60 years of age

*$2 million in coverage
*Coverage available for spouse & dependents
Worldwide coverage up at maximum of $5 million.

Policy options:
• Within Canada
•Worldwide
• Worldwide (excluding the USA)

*Pre-existing condition clause does apply

*Persons over the age of 55 must complete a medical questionnaire.

*Different deductible options are available
Worldwide coverage up at maximum of $10 million.

Policy options:
• Worldwide including USA
• Worldwide (excluding the USA)

*Only eligible for customers no more than 89 years old

*Persons over the age of 60 must complete a medical questionnaire

*Pre-existing condition clause does apply

*Different deductible options are available
Worldwide coverage up to a maximum of $5 million

*Trip length up to 32 days or less. Additional days available for purchase if under the age of 55

*Available to persons up to and including age 74
None available
None available
Airfare cancellation or Holiday cancellation packages available

*Must be purchased within 72 hours of initial deposit.
Includes the following:

• Trip cancellation before or after trip
• Missed connections
• Emergency travel health coverage
• Air flight or common carrier accident
• 24 hour accident
• Baggage and baggage delay
• Transportation of deceased

*Must be purchased within 72 hours of initial deposit.

* Trip cannot exceed 32 days in length

*Pre-existing condition clause does apply
Titled ‘Travel Accident Plan’ and must be purchased along with another plan.

*Different sums available for purchase.
Sums insured: $25,000, $100,000 or $250,000

Flight accident also available for purchase
None available
None available
Worldwide coverage up at maximum of $5 million.

*Persons over the age of 55 must complete a medical questionnaire

*Pre-existing condition clause does apply

Visitors to Canada Holiday Package
Student Medical Insurance (Inbound) – Students coming to Canada
Visitors to Canada – Emergency Medical Insurance (Single Trip)
Emergency Medical Insurance – Multi Trip Annual
TuGo
Manitoba Blue Cross
Emergency Medical Insurance – Single Trip
Trip Cancellation / Trip Interruption Insurance
All Inclusive Holiday Packages
Additional Coverages
** Exclusions apply, please refer to a broker formore information **
Accidental Death & Dismemberment Insurance
Student Medical Insurance (outbound) – Canadian Students studying abroad
Allianz Global Assistance
Different sums available for purchase

*Only eligible for customers no more than 89 years old
The mortgage lender
Pay off mortgage
With your mortgage payment
The mortgage lender
Often underwritten at time of death
Not neccessarily guaranteed
None
Usually not available
Often same rates given, regardless of other factors
Benefit decreases as mortgage paid off
If you move, the insurance ends You will have to requalify
Can only cover the mortgage
Decreasing Term
Bank
Anyone - you decide
Beneficiary decides
Invest? Pay off mortgage?
Monthly, semi-annually,annually
Get level benefit Or lower benefit overtime to match yourmortgage
Underwriting at time of application
Fully guaranteed
Premium based on gender, smoking, health, lifestyle
Preferred underwriting available
Individual policies can be customized
Deal with licensed advisors
Insurance stays with you - even if you refinance or change lenders
Take care of all insurance needs with one policy
Term or Permanent
Insurance
Broker
Payment Frequency
Other Life Insurance needs
How Insurance will be used
Beneficiary
Your best options are available through an insurance brokerage.

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A needs analysis will take a look at the whole picture and help us determine a plan to suit your needs. A customized insurance plan will put the control where it should be...in your hands.
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