Which is the Best Condo Insurance Company? — Best Rates and Offers (2021)

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Finding the best condo insurance companies is a crucial decision, especially for new homeowners. You might think that your association insurance master plan covers everything, but some only include common areas and structures. In this post, our team listed excellent recommendations for condominium insurance coverage to ensure that you get the best deals around.

Reviews of the Best Condo Insurance Companies

1. Allstate

allstate

If you’re looking for full-suite condo insurance coverage with comprehensive plans, then our experts highly suggest signing up for Allstate’s policy offerings. True to their slogan “You’re in Good Hands with Allstate,” this company proves their extensive industry experience with more than 113 million proprietary policies under their belts.

Your chosen insurance package could cover costs from theft, fire and smoke, vandalism, and even sudden water damage emerging from damaged heating, plumbing, or air conditioning systems.

Raising the bar from our expectations, their personal property coverage allows you to reimburse damaged possessions through actual cash value or provisions for replaced items.

Pros

Cons

2. The Co-Operators

the co-operators

As one of Canada’s biggest condo insurance companies that highlight consistent high satisfaction ratings, our condo insurance experts personally took it into their own hands to evaluate the offerings of this distinct provider. 

Despite being an old-timer in the industry, having founded in 1945, they are known for their diverse condominium insurance policy coverages. 

Suppose you’re searching for straightforward condo insurance plans, The Co-Operators has all your standard coverage needs from the prestige package, which could safeguard everything in your unit up to classic insurance plans with lower premiums. 

Pros

Cons

3. Liberty Mutual

Liberty Mutual company logo

As you might expect from a pioneer insurance provider, Liberty Mutual has premium offerings that not all companies provide to their customers. Proving their vision of delivering knowledge to their policyholders, they created an informative website that includes topics about homeownership.

Their standard insurance options cover a wide range of policies on dwelling, physical structures, personal property, living expenses, liability, and medical payments. As if that isn’t enough to showcase their strengths, they also have discount programs, depending on your savings needs.

Considering their business partnerships with over 14,000 different groups, any member of these associations could easily leverage their affinity discounts.

Pros

Cons

A Guide In Choosing a Condo Insurance Company

Policies

Combing through your current condo association’s master policy is a crucial step to determine which insurance companies could fill the gaps in your coverage. Take your time to prioritize your needs because signing up for this service is a long-term commitment.

Regardless of how widely your current plan covers right now, you’ll need to ensure that everything in your condo is insured, from structures, fixtures, appliances up to personal belongings.

Pricing and Billing

The relationship between price and quality of service [1] is an important factor to consider as a policyholder. Keep in mind that the pricing of your condo insurance plans depends on a variety of factors.

Customer Support

The major indicator of a good insurance company is the reliability of their customer support services. In the unfortunate event that you encounter problems with your unit and need to make a claim, it’s crucial to have knowledgeable representatives to walk you through your policy and tell you which coverage applies to your current predicament.

Condo vs. Homeowners Insurance

Despite common misconception, condo and homeowners insurance are different policies. The main distinction between the two is the coverage of their protection. 

condominium building

When you apply to insure your home, you need to consider your entire backyard on top of the interior of your house. On the other hand, the coverage of condo insurance only includes the inside of your unit along with personal belongings and appliances.

Importance of Availing Condo Insurance

There are several perks any condo owners can take advantage of when signing up for an insurance policy. Among these benefits are covering costs for unexpected damages in your unit and related fees indicated in your contract.

Besides that, there are condo associations that’ll require you to get a personal coverage policy, or your lender may demand proof of insurance before you can avail of a mortgage.

(For more secured and wise investment, it is also crucial to know more about the condo assignment sale in Toronto)

FAQ

What is the best condo insurance company?

The best condo insurance company is Allstate. Equipped with wide-range policy coverage, this provider allows its customers to customize their purchases according to their current needs freely.

How much is condo insurance usually?

The price of condo insurance depends on the coverage of your chosen policy. Ensure that your current plan insured your condominium’s structures, fixtures, appliances, up to personal belongings. Depending on the terms you decide upon the signing of the agreement, these policies could be paid monthly or annually.

How do I choose condo insurance?

To choose condo insurance, you’ll need to review your current coverage provided by the condo association first. Then, after evaluating the gaps in your policy, search for a company that offers the features you need. Finally, consider your allocated budget and other features offered by the provider to get your money’s worth.

Our Top Pick For a Condo Insurance Company: Allstate

allstate

Among the best condo insurance companies listed in this review, our top pick for a condo insurance company is Allstate. Aside from its straightforward offerings that any new condo owner could easily understand, we’re impressed by how customizable their policies are.

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Tal Shelef
Tal Shelef is a know it all when it comes to pre-construction developments Canada Wide. His years of daily research and growing up on construction sites / seeing development sites grow from the ground up at an early age gave him a passion like no other. He uses his knowledge to educate Condowizard’s clients. Have a conversation with Tal and see how much value one phone call may provide you.

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Material on this page is not intended to conflict with buyers/sellers under contract with any brokerage. All information on this site is obtained through online sources and may not be reliable. If there are any changes you’d like us to make on any pages or if you are the owner of a development and would like us to remove your listing, Condowizard & Its owners will comply right away. We represent you, the purchaser – not the builder. Tal Shelef – Sales Representatives @ Cloud Realty.
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