Compare and purchase the best
condo insurance rates
in Moncton.
Compare and purchase the best
condo insurance
rates in Moncton.
Moncton, located in southeastern New Brunswick, Canada, is famous for Magnetic Hill, a curious spot where vehicles appear to roll uphill when in neutral. The city is also home to CF Champlain, the largest shopping mall in Atlantic Canada, drawing over 9.9 million visitors annually.
Nestled in the heart of the Maritimes, Moncton is well-connected by road, rail, and air. Set along the picturesque Petitcodiac River, known for its remarkable tidal bore, the city offers a seamless blend of waterfront scenery and urban life.
As Atlantic Canada’s Entertainment Capital, Moncton boasts a thriving food scene, excellent shopping, a vibrant nightlife, and plenty of family-friendly activities. It’s also conveniently located near 13 of New Brunswick’s top attractions. With a rich historical background and rapid growth, Moncton serves as New Brunswick’s transportation hub and is one of the fastest-growing cities in the country.
At Surex, we work with some of the top-rated Moncton condo insurance companies, making it easy for us to offer quotes for high-quality, low-cost coverage. Contact your personal Surex insurance advisor today to learn more and to start shopping around for condo insurance quotes in Moncton. We can provide you with quotes for condo insurance in Moncton in ten minutes or less.
Condo Insurance in Moncton — What You Need to Know
Condo insurance protects the units within a condo building. You would get it to protect your contents such as appliances, clothing and furniture (and would also cover items stored in a locker).
It would also provide additional living expenses in the event of an insured loss (if you had to temporarily move out) as well as the condo owner's liability for any bodily injury or property damage that was unintentionally caused by others in the building.
Yes, while condo insurance isn’t mandatory, if you have a mortgage your lender will require it.
Now, a few tips - your condo association will have a master insurance policy, but it may only cover the basics. Some associations will buy a more a policy that also includes more basic items within each unit, such as appliances, carpets, cabinets, or interior walls.
Always best to find out the scoop, and then chat with your Surex Advisor to figure out what's right for you!
The average condo insurance rate in the province is approximately $500 annually. Moncton falls in the mid-range for condo insurance compared to the rest of Canada. Being in a region that is prone to extreme weather makes it essential for condo owners to have adequate coverage.
Condo building insurance is different. This is purchased by the condo corporation to cover damage to the building and the common areas and liability on the property. This is usually included in the monthly condo maintenance fees.
There are a few factors that determine your monthly condo fees, they include:
- The size of the building (a larger building has more owners to share the cost)
- The age of the building (newer buildings may have lower fees)
- The amenities
- The neighbourhood
You do not want to get stuck with condo insurance that provides unclear provisions on what is covered and what is not. Your condo insurance should provide coverage for:
- The contents in your condo- All contents inside the condo including but not limited to electronics, furniture and clothing are protected against perils such as theft, fire, explosions and water damage caused by overflows and bursting pipes, up to the insured amount. Contents such as fur and jewelery will often have specific limits of coverage that can be increased for an additional premium. Also, be keen on other exclusions such as computers, cameras and recording equipment, especially for people who work from home.
- Personal liability- Personal liability provides coverage for bodily injury to other parties such as visitors and neighbours. For instance, your visitor may trip over a rug and sustain injuries. Your bathtub may overflow and cause water damage to the apartment below, inflicting damage worth tens of thousands. This insurance will provide coverage for such unpleasant occurrences.
- Walls and floors- The condo owner is responsible for insuring their specific condo unit, including fixtures, floors, walls, ceilings and appliances.
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