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
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
- Full-suite and customizable condo insurance policies
- Flexible reimbursement options for personal property coverage
- Covers medical expenses for guests on your property
- Easy billing and policy viewing through Allstate’s app and website
- Reimburse policyholders in case of increased living costs
- Offers a variety of discounts for different coverages
- Has Claims-Free Rewards program
Cons
- Infestations like termites are not covered by the policy
- Average ratings from property claims study
2. 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
- Low-cost monthly insurance premiums through classic package
- Easy to use and organized online platform
- Consistent high satisfaction ratings
- 100% Canadian company
- 24/7 claims service hotlines
Cons
- Higher prestige rates than competitors
- Doesn’t include additional expenses coverage
3. Liberty Mutual
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
- Digital resources to educate policyholders about insurance
- Comprehensive insurance options
- Discount programs for 14,000 different partner groups
- Navigational online quote tool and mobile app for claims
- App integrated with Alexa Skill to get home topic advice
Cons
- Policy coverage and discounts differ in some states
- Not accredited by BBB ratings
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.
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
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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