Property Insurance

If you are in need of property insurance, look no further! Costen Insurance is able to assist you with finding the right coverage and price for all of your property insurance needs!

Here is a list of some of the most common:

Homeowner’s Insurance

Homeowner’s insurance policies provide coverage for individuals and families who own and occupy their home as their principal residence.

A homeowner’s policy typically covers the following:

Dwelling

• Your dwelling (or building), the value of which is determined through the use of Replacement Cost valuation software.
• Coverage is also provided for permanently installed outdoor equipment on your premises, and outdoor domestic water containers (ie. pool, hot tub, etc.) on the premises.

Detached Private Structures

• Coverage is provided for private buildings or structures on your premises that are detached from the dwelling (ie. sheds, detached garages, greenhouses, etc.).

Personal Property

• The contents of your dwelling and any other personal property you own, wear or use while on your premises and which are usual to the ownership or maintenance of your dwelling.
• The dwelling improvements and betterments made by you or acquired at your expense, in the portion you occupy as a private dwelling.

Additional Living Expense

• The necessary increases in living expenses (including moving expenses) so that your household can maintain a normal standard of living in the event your dwelling is unfit for occupancy due to an insured peril.

Personal Liability

• Coverage for any amounts you are legally liable to pay as compensatory damages because of unintentional bodily injury or property damage arising out of:
  • Your personal actions anywhere in the world.
  • Your ownership, use or occupancy of the premises.

Additional Coverage

• Additional coverage can be purchased on a Homeowner’s policy by way of endorsement. This includes coverage for sewer backup, overland water, identity theft, by-laws, sewer lines, and more.

Condominium Insurance

Condominium insurance policies are quite complex and extensive in the coverage they provide to the individual unit owner.

The condo corporation is responsible for managing operations, business affairs, and property interests of the unit owners.  Most condominium corporations will establish a board of directors, set maintenance fees, maintain a reserve fund, hold unit owner’s meetings, and maintain common property.

The condominium corporation’s insurance policy typically covers the following:

• The building
• Common property
• Fixtures built or installed as part of the original or standard construction
• Condominium assets (i.e. common area furniture or equipment)
• Liability of the condominium corporation for claims of property damage or bodily injury suffered by others

A personal condominium insurance policy purchased by a unit owner typically covers the following:

• Personal property
• Additional living expenses
• Personal liability
• Upgrades to the individual unit, known as Betterments and Improvements, made by the unit owner or by previous owners of the unit (i.e. custom hardwood flooring, upgraded carpet, custom counter tops, etc.)
• Contingency coverage, which insures the unit in the event the condominium corporation’s insurance is insufficient or not in force at the time of a loss
• Loss assessment coverage, which pays the unit owner’s share to cover major property and liability losses on common property that may exceed the condominium corporation’s policy limits, as well as any assessments the unit owner may receive from the condominium corporation’s policy deductible for an insured loss
• Additional coverage is available through endorsements

Tenant’s Insurance

Tenant’s insurance policies provide coverage for individuals and families who are renting a house, townhouse, condo or apartment. The policies provide a significant amount of coverage and go beyond insuring just your personal property.

A tenant’s policy typically covers the following:

• Personal Property
• Additional Living Expense
• Personal Liability
• Additional coverage is available through endorsements

Special Limits

Homeowner’s, Condominium, and Tenant Insurance Policies all have special limits of insurance that apply to certain types of personal property.  Please refer to our post on Special Limits for more details.

In addition to the above property types, Costen Insurance can also assist you with the following:

• Hard to Place Homeowner’s

• High Value Homeowner’s

• Rented Dwellings and Rented Condos

• Vacant Dwellings

• Course of Construction

For more information or to obtain a competitive quote on your property insurance, please reach out to us and one of our knowledgeable Brokers would be more than happy to assist you!

Thank you,

The Costen Insurance Team