Condominium Unit Owner Pak
Liability and Property Coverage
Condominium living isn't like homeownership. You have to share a wall with your neighbour, and deal with a condo board with rules, regulations and responsibilities. But you still own it. It's your property. Your home. Your oasis.
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With SGI CANADA's Condominium Unit Owner's Pak, if your sanctuary is destroyed it will be put back the way you had it.
But what if the building is destroyed and it's your fault? It's easy to forget about a burning candle, even for a second. You could be responsible for the damages.
What if your condominium corporation is underinsured? Or if there's damage or an injury in the fitness room or around the pool? All owners may face a share of the responsibility and costs - whether it was your fault or not.
SGI CANADA's Condominium Unit Owner's Pak is there to protect you in any contingency by covering the gaps and shortfalls so you aren't left holding a bill.
Your belongings are protected with replacement cost coverage so they can be replaced with new items, without depreciation in most cases.
You also get a single amount of protection (SAP) for you to use as needed when you suffer a loss. Based on the assessed value of your property, you get a percentage for each of the following under SAP:
You can then decide how to distribute the sum of this coverage to get your condo back to the way it was before disaster struck. And while that happens, you also get increased living expenses and/or lost rental income coverage of 200% of your assessed belongings amount.
- 500% for contingent coverage
- 400% for unit improvement and betterments coverage
- 500% for loss assessment for loss to condominium property coverage
You're also protected for:
- cheque forgery and debit- or credit-card loss
- identity theft expenses
- removal of debris after a loss
- mass evacuation expenses
- entry damage caused by police officers, paramedics or fire fighters
- glass breakage
Communal living comes with added risk. If you cause a loss, you're more likely to affect the people living around you - or even the entire building. And if you're found responsible for the loss of the entire building, it could leave you in financial ruin. You get $1 million in personal liability coverage to protect you when you're at fault, or when you're deemed responsible for damages or injuries sustained by others.
Legal Expense Insurance
Under your Condominium Unit Owner's Pak, you are covered for Legal Expense insurance. This coverage empowers you when you are faced with unexpected legal issues by paying your legal costs to pursue or defend your legal rights for:
Receive UNLIMITED access to our free telephone legal advice helpline. You can speak with a lawyer to receive general legal advice for any legal questions you have, whether or not it is included in your coverage.
- contract disputes
- property protection
Legal Advice Helpline 1-855-953-1430
SGI CANADA's Condominium Unit Owner's Pak is insurance tailored for condominium owners. You get great coverage at a great price designed specifically for the risks you face. It covers you for both property and liability losses. You can face significant financial hardship if you're at fault for damaging someone's property or if someone gets injured by your actions. You don't want to think about liability coverage, you just want it to be there.
And with single amount of protection coverage, you get easy, flexible protection for your investment and your financial security.
Give us a call about SGI CANADA's Condominium Unit Owner's Pak, it protects you against the what-if situations that can arise through condo living.
Options to Meet Your Needs
Home Systems Protection
Home Systems Protection covers repairs or replacement when home systems, equipment and major appliances break down. For example: If your furnace breaks down or your home entertainment system stops working, you'd have insurance to pay for the cost to replace it. This insurance coverage is meant to protect you from surprise expenses you may not expect - but could happen at anytime. Home systems are not typically covered under a basic home insurance policy.
Identity Theft Coverage
A basic amount of coverage is provided for the reimbursement of expenses related to identity theft. You can choose to increase the basic amount of coverage for an additional premium charge.
Increased Limits Coverage
This option allows you to increase limits of insurance for property with specific amounts of protection, such as jewellery. It also provides $3 million in personal liability coverage as well as enhanced limits for voluntary medical and voluntary property damage payments. Eligibility requirements apply.
Sewer Back Up Coverage
This coverage is available for an additional premium (subject to restrictions).
Voluntary Fire Fighting Coverage
This coverage is available for an additional premium.
Special Belongings Coverage
You may require extra protection on special items like furs, jewellery, fine art, coin and stamp collections, musical instruments and bicycles.
Watercraft and All-Terrain Vehicle Coverage
Boats, motors, personal watercraft, all-terrain vehicles and their equipment can also be protected.
Seasonal Home and Secondary Residence Coverage
You can add protection for your seasonal home, secondary residence and belongings to your SGI CANADA Home Pak. Guaranteed replacement cost coverage is available at no additional charge on only your seasonal home (subject to restrictions).
Rental Home Coverage
This option allows you to add protection for up to 10 rental homes you own and rent to others (limitations or restrictions may apply).
You may be eligible for a premium discount if:
This is a general description of the coverages provided. Actual policy conditions govern. For a complete list of Home Insurance options, policies and prices give us a call.
- you haven't had a claim for three years or more
- your age and number of years continuously insured with SGI CANADA qualify
- your home has an approved monitored security system
- your home has an electronic water shut-off system
- you have a newer home
- you choose a higher deductible
- you don't have a mortgage on your home
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