Skip to content

Secure the Things You Love.

Get a Quote

Leading Condo Insurance Providers in Kanata

The path to condo ownership is an exciting journey. You’ve just signed on the dotted line or you’re contemplating living in your first place. Wherever life takes you, you need a plan to protect you and your things. Finding the ideal condo insurance policy in Kanata is your first step.

What Does My Condo Insurance Cover?

Condo insurance policies are full of insurance lingo and at times you may want to consult with an expert to have it explained in laymen terms. First off, you need protection for your personal belongings, the unit itself (walls inwards), personal liability, and a few other essentials that we’ll discuss below.

5 condo insurance options:
  • Personal items and property: coverage for everything personal, like clothing, kitchen gadgets, TVs, and more. This coverage helps you repair or replace everything from your condo’s walls inward.
  • Personal Liability: helps pays for lawyer fees when visitors slip on your uneven steps, or a snow-covered pathway and want to sue you.
  • Additional Living Expenses: your condo unit floods from the unit above and you need major renovations that lead to dislocation This coverage pays for a hotel, apartment or comparable home and food expenses while you live away from home.
  • Improvements and Betterments: if you upgrade your counters or light fixtures, you’ll be covered after a loss.
  • Loss Assessment: provides coverage for your share of any costs or the deductible that trickles down from the condo corporation’s loss from the building or common areas.

What is Optional Condo Insurance in Kanata?

Besides the standard condo policy, you have options to include in your policy that you may need. Whether you choose sewer backup or identity theft is your decision, but these choices are not mandatory. It may depend on how much you can afford for your monthly insurance payments or just a preference. Let’s go over your options.

5 Optional Condo Insurance Options:
  • Sewer Backup: covers damage from your back-upped sewer and drains
  • Flood: covers damage caused by snowmelt, overflow of lakes and rivers, and precipitation.
  • Identity Theft: this coverage helps you cover losses if you’re the victim of identity theft, beyond the coverage you already have.
  • Floaters: if you want to insure certain items (e.g. art, jewelry, sports equipment), that are of a higher value, a floater will extend your coverage limit to better reflect the value of the item.
  • Earthquake: covers damage caused by earthquake, landslides, mudslides and other earth movements.

Do I Need Condo Insurance in Kanata?

Condo insurance is highly recommended in Kanata. If you’re applying for a mortgage, the bank or lender will demand it. Either way, you want full protection against hazards that come your way. Imagine a flood destroys your hardwood flooring and furniture. How will you afford to replace everything? What if renovations push you out of your unit for several weeks. Optimal insurance coverage helps you pay for all these things.

Did you know?

It’s important to review your condo corporation’s master policy every year. If there are any changes to provincial legislation, this could impact how much you must pay out-of-pocket.

What are the different Levels of Condo Coverage?

Condo insurance doesn’t have to be complex and expensive. With all the information within reach, you can make the best decisions that will impact your future, especially your bank account. Learning about condo insurance and your condo corporation’s’ master policy is prudent to your financial health and well-being.

3 Levels of Condo Coverage

There are different types of condo insurance to choose from. Get the full coverage and you’ll have no worries. Go half-in and understand you may have to put more of your money forward if a disaster strike. Expect the unexpected.

Comprehensive

all risks are covered unless it’s specifically excluded in your policy.

Named Perils (Basic)

this insurance option lists only specific risks where you’re protected.

Broad

this option will cover more risks but may have more limited coverage in certain areas.

If you have questions, ask our brokers for help. At Sharp, we’re more than happy to help you make the important life decisions you’ve been dreaming about.

Did you know?

Not making a claim can save you money in the long-term. If you pay for small losses out of your own funds, your insurance rates won’t be subject to an increase.

What are my Loss Settlement Options?

Your loss settlement options can be made simple. You want to know how much money you’ll get back after a fire or flood – who wouldn’t? Deciding ahead of time if you want the full value or partial value for your goods is a solution for less stress when you’re faced with a fire or theft. There are 2 loss settlement options available.

Actual Cash Value

this is the market price or purchase price of your items, minus depreciation.

Replacement Cost

this is the cost to replace your belongings “as is.”

Did you know?

Water damage in a condo unit can be a major hassle, and is the number one cause of insurance claims. Find out how you can stay protected.

How Much Coverage do I Need for Condo Insurance?

You don’t want to skimp on condo insurance because no one wants to be left with debt from misinformation. We highly recommend you carry $2 million for personal liability and $35 thousand for the content coverage minimum. Why? It’s important to have the maximum coverage as you can afford for unexpected perils, which could leave you with major debt.

What Factors Impact your condo insurance rate?

You do have some control over your insurance rates. While it may feel that your insurance rates are beyond your control and they’re destined for new heights, think again.

10 Factors that Impact your condo insurance rates
  • Claim history
  • Credit rating
  • Condo repair costs
  • The condition/age of your roof, plumbing, heating & electrical systems
  • Proximity to a fire station
  • The crime and claim rate in neighbourhood
  • Rate of natural disasters in your community
  • Where you live in relation to rivers and lakes
  • Any discounts you have
  • Loss settlement, policy limits, deductible & coverage

How to Get Cheaper Condo Insurance rates?

Living in your own condo, either by yourself or with your family, can be a dream come true. You finally have your humble abode and can call it your own. Bragging is encouraged. But wait – have you checked your insurance policy; really checked the details of what you have covered? If not, do it now. Find ways to reduce your insurance rate.

6 Tips to get lower your condo insurance rates:

  1. Combine your car and condo policies
  2. Paying once a year may save you some money
  3. Discounts could lower your rates by up to 10%
  4. Review your policy details on a regular basis
  5. Balance your deductible amount with your rate
  6. Ask your broker to find you competitive rates

Did you know?

Your condo corporation has their own liability coverage, but you still need your own personal policy to guard against injuries and property damage in your condo unit and while away on vacation.

What is a High-Risk Condo Insurance?

If you’ve had insurance issues in the past, you may be a high-risk customer. But what’s considered high risk and how do you avoid this label? It means you may have missed payments, or your policy was cancelled in the past. Whatever the reason, our brokers can direct you to one of our insurance company partners who specialize in high-risk condo insurance.

How to Submit a Condo Insurance Claim in Kanata?

The worst-case scenario sometimes happens to you. You get home after a relaxing vacation and find your furniture soaked and your precious items floating. Don’t let mishaps ruin your condo life. Relax and figure out what to do first. Make sure you have the below steps written down or close to you, so you can quickly start a claim and clean up the mess.

6 steps to make a claim:
  1. Write down the details of the loss. You won’t remember everything – or most of what occurred. Take photos of the event and/or record your findings.
  2. Make a claim. It’s quick and easy to submit a claim online or through the MySharp app. If you prefer the phone, give us a call. Or, call your insurer especially if it’s after regular office hours.
  3. Keep your receipts. If you need to leave your home due to the damage, make sure you bring your receipts to get reimbursed for additional living expenses. If your claim is covered, you can get some help covering expenses.
  4. Make a list: include a complete list of everything that was damaged, destroyed or stolen. It helps if you have a home inventory list or video already made.
  5. Talk to a claims adjuster: A claims adjuster will talk to you as part of the claims investigation. The adjuster will be assigned to you once you call your insurer and submit your claim.
  6. Discuss the settlement offer with your broker. If you prefer to use your own contracting company, make sure you settle this with your insurance company before you go ahead with the repairs.

How do I set my Deductible Amount?

A deductible is the set amount that your insurance company will reimburse you after an insured loss. For example, if a fire from your toaster oven caused $1,500 in damages to your unit, and your deductible is set at $500, your insurer will reimburse you for the difference, i.e. $1,000.

If you’re looking for a way to reduce your insurance rate, you can keep your deductible at a slightly higher level, which tends to lower your condo insurance rate. Speak with your broker about how to balance a good deductible amount for each of your policy requirements.

Why Should I Choose Sharp Insurance?

At Sharp Insurance, we’re always a step ahead with your interests at heart. Talk with one of our knowledgeable brokers and let us negotiate a better rate on your behalf. Our partnerships with multiple insurers can give you access to find the most competitive rates without all the work. Here are a few highlights of what you’ll get working with Sharp:

You have a trusted advisor by your side. Our brokers’ skills help you out when you need direction on policy details, claims information, and more.

Access to digital options. Our app, named MySharp, is available via your phone or desktop computer – whatever is easier for you. Find insurance details in minutes with ot without an Internet connection.

We have quick and efficient service. We answer your questions at your convenience, 6 days a week.

We work for you. We’re a loyal brokerage that helps you when you need it the most as an award-winning brokerage – we’re here to be your Sherpa on your insurance journey.

Currently Not Accepting Walk-Ins

Please be advised that due to unforeseen circumstances, Sharp is unable to assist walk-in clients at the moment.

We are happy to assist you with all your insurance needs over the phone at 1.877.218.2008