Save on Condo Insurance in London When You Shop with Surex
There's no denying that the city of London has been growing rapidly over the past several years. London has transitioned from a sleepy university city to one of the up-and-coming stars of Western Ontario. London's rise in popularity is due to a number of beneficial factors, including its array of affordable housing, including condos. If you're looking for a condo in London, you should take the time to consider the benefits of having high-quality condo insurance as well.
If you’re searching for the cheapest condo insurance London CA has to offer, be sure to reach out to your Surex insurance advisor today. We work with some of the top-rated condo insurance companies in London, 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 in London. We can provide you with quotes in ten minutes or less.
Condo Insurance in London — What You Need to Know
Regardless of the condo association coverage you have, you will need condo insurance to cover the personal contents in your unit. This can relate to property such as furniture, home entertainment systems, and clothing.
Condo insurance protects you from liability. In the event that someone gets injured while at your place, your liability coverage will help you with settlement costs. Be sure to choose a liability limit capable of protecting all your assets. This will help ensure your online quote's accuracy.
Again, depending on your condo association's policy, you can be covered for any upgrades and improvements you've made to your unit.
You can also get a condo insurance quote in London to further secure your condo unit, in case your association's coverage doesn't protect you fully against loss or damage.
Yes, of course!
Most companies allow you to pay a number of different ways, however, this can be dependant on your payment/credit history.
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!
If you own a condo unit in London and are planning on renting it out, you should chat with your Surex insurance advisor about purchasing a landlord insurance policy.
Landlord insurance differs from condo insurance as it protects the property owner from various unique landlord-related risks, like lost rental income.
Rental income coverage: This coverage ensures that if there is a loss related reason that their tenants cannot stay living in the condo, like fire or water damage, then Rental Income coverage will pay the condo-owner their rent money until the tenant can move back in.
Damages coverage: If your tenant causes damages to your condo, the policy will extend to cover the cost of the repairs. For example, if the tenant drops a towel on a hot stove and it catches fire doing damage to the kitchen, for insurance to respond the condo-owner would need to make sure that they had a Landlord Condo insurance policy. If the condo wasn't insured properly on the Landlord form, the insurance policy would not respond and the condo owner would be required to pay for the damages themselves.
Liability Coverage: If your tenant causes damages to the building itself -exterior or interior common spaces - the condo corporation will come back against the owner of the condo to pay for the damages. The condo-owners policy will only respond if it is insured on a Landlord form.
The average price of condo insurance in London is approximately $26 per month. However, you should note that the rates listed on your condo insurance London quote may differ due to a number of unique variables.
Do you have questions about condo insurance in London?
Your condo association's policy will provide one of the following three types of coverage:
- A policy with coverage insuring the primary building and common areas only.
- A policy with coverage insuring your building and any items in your unit that aren't personal property.
- A policy with coverage insuring your building, your unit and improvements made to the unit.
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 jewellery 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.
Most insurers provide coverage for pets if notified beforehand. However, there are limitations on the type and breeds of pets that will be insured. While most insurers provide coverage for dogs, there are limitations based on the type of breeds. Pit bulls, for instance, may be difficult to insure given the perceived higher risk of bites. Also, most insurance providers have limitations on the type of pets that can be insured.
You can reduce the cost of your condo insurance without increasing your deductible. Minimizing the probability of accidents from occurring is a clever way to reduce the cost of insurance. For instance, installing a fire alarm system and security system ultimately reduces the chances of fire-related accidents and theft. Note: This has to be a centrally monitored alarm with a valid certificate to qualify for the discount in London.
These questions may seem complicated especially for a first-time homebuyer. To ensure you get the best condo insurance London Ontario has to offer, always work with a reputable insurance provider or condo insurance broker in London.
Many condo owners sublet their homes. But with platforms like Airbnb, some people end up commercializing their condos, ignoring the provisions of the insurance. If you are planning to rent out your apartment for, say, six months, you can always modify your coverage. This ensures that your condo insurance is not rendered ineffective. Your insurance will not be cancelled if you live in the condo part-time, provided you do not rent it out. However, the condo should still be occupied and not vacant.
Point to note: Always inform your insurer or agent in case you decide to sublet or lease your condo.
There are many advantages to living in a condo! Here are a few:
- Flexible living, you can just lock up and go
- More affordable than single-family homes
- Can access quotes for cheap condo insurance with an insurance brokerage
- Great sense of community in the building with your neighbours
- Living in the heart of the city, giving you proximity to entertainment & business districts (closer to your work)
- Top-notch amenities, such as gyms, pools, party rooms etc.....
- Appliances included
- Covered maintenance in your condo fees - building maintenance and cleaning of communal areas