Condo Insurance in Ottawa

Condo Insurance in Ottawa

Condo insurance for home owners is a necessity in Ottawa. Not only will it get the home owners financing with lenders but it will also act as a protective measure in case of damage to the property. You need to make sure that the insurance coverage is ideal to cover all possible needs. Depending on the location of your condo, your insurance cover may vary. For example, those who have condos in areas that are prone to accidents or disasters such as earthquakes and floods will pay more for insurance coverage than those who don’t.

Insurance is one of the largest expenses when considering condominiums in Ottawa. However, the following is a guide that will help you minimize the cost of insurance for your condo in Ottawa. These tips will help you receive the expected coverage while at the same time providing you with the best compensation plan.

Install and maintain a security system and smoke alarm

In an attempt to lower your premiums, why not have fully monitored security systems. You may decide to have a link between the condo complex and the police station. This will indicate that the risk of burglary and loss of property is at its lowest. Smoke alarms also lower your premium prices due to the fact that risk of damage to the property by fire is lowered. In addition, it keeps the lives of the residents safe from fire hazards.

Increase your deductible

With insurance, the concept is that indicating higher deductibles will lead to lower annual premiums. However, with condo ownership, this will bring about spending too much on smaller projects such as sewer repairs.

 

Look at several policy discounts

Ottawa condos for sale need insurance coverage to gain popularity. While the key is to obtain insurance, you can receive a discount by using one company to look into your condo insurance as well as other insurance covers.  This way you will receive a discount for bulk buying and for your loyalty.

Plan ahead for the need of construction

Depending on what you use to construct your condo, the insurance coverage will also differ. Using wood provides a greater risk and it will also bring about a higher cost as it is highly flammable. This is as opposed to stone or steel which are more durable and have less risk.

 

Pay your mortgage

With the assumption that a home fully owned by the owner is cared for in the right manner will tend to lower premiums. By paying off your mortgage, you are working towards owning the condo. Condo sales in Ottawa are mostly funded by mortgage so this is very helpful.

Constantly review policies and compare them

With so many insurance providers in the market, it is important to identify a provider that is most affordable but at the same time will provide the best compensation plan for you. Whether you are looking at Ottawa condos for rent or a commercial condo for sale in Ottawa, shop around for a various offers even when you already have one. The market is competitive and you may actually find a better price.

Ensure that every aspect of the insurance coverage is documented and signed for. Keep several copies of the insurance document in case you lose the original.

Contact Peter Sagos for more details at 613.276.0059 or peter@condo613.ca