Category Archives: The Condo Act

Condo Insurance Coverage

by: Linda Pinizzotto, DStG – Dame Order of St George –  Founder CEO COA – Condo Owners Association 

COA and Allstate working together on Condo Hero Contest

 Are you protected?

Recently, Allstate Insurance Company of Canada and Abacus Data released some research that shows many condo owners are lacking critical knowledge about their insurance coverage, which could lead to costly mistakes.

Here are some of the major findings:

  •  61 per cent of Canadian condominium (“Condo”) owners don’t know or incorrectly assume their building’s insurance will cover damage to another unit from water or fire that originated in their unit
  • 74 per cent of Canadians looking to purchase a condo in the next few years don’t know what their personal insurance cover versus what the condo corporation’s insurance should cover.
  • Only 39 per cent of condo owners and 26 per cent of condo buyers know that the belongings of a roommate or boarder are not covered under their personal condo insurance policies.
  • 21 per cent of condo owners are not aware that the condo corporation’s insurance is responsible for incidents like falling concrete and shattering glass from condominiums.

 As a condo owner, there are things you can do to make sure you are protected:

  •  Ask your condo board or management company to explain what the building’s insurance policy does or does not cover.
  • Talk to your insurance agent about your policy. Being properly covered can prevent your getting stuck with the bill if your condominium’s policy falls short.  
  • Remember that damage done to your car in a garage or belongings in a storage locker are covered under your personal policy and not the building’s policy so you should ensure your coverage properly protects your car and any items you have stored in your locker.
  • Right now we (COA)  are partnering with Allstate Canada to help educate Canadians about their condo insurance.   We’re running a contest to find a GTA Condo Hero – a concierge, security guard or property manager who makes a big difference to the lives of condo owners. 
 You can find out more about this contest

 

 Meet the Judges:

 Why you need Condo Insurance

 

 

Condos Princess of Whales Theatre

Written by: Linda Pinizzotto, DStG  Dame Order of St George  Founder CEO COA Condo Owners Association 

Courtesy 680 News Toronto:

Theatre producer David Mirvish and architect Frank Gehry unveiled plans, Monday, to tear down the Princess of Wales Theatre and replace it with a new condo complex.

The complex will feature three 85-storey residential towers, a 60,000 square-metre art gallery called the Mirvish Collection, a new campus for the OCAD University, and retail space.

It will stretch along the north side of King Street West from the corner of John Street, across Ed Mirvish Way and east to the edge of the Royal Alexandra Theatre.

“These towers can become a symbol of what Toronto can be. I am not building condominiums; I am building three sculptures for people to live in,” Mirvish said.

The three condo towers will create one of the tallest structures in North America.

Mirvish said the project will be done in three phases and will take up to seven years to complete.

Have your Say about this.

Do you agree with tearing down The Princess of Whales Theatre?

  • No (60%, 3 Votes)
  • Yes (20%, 1 Votes)
  • Don't Care (20%, 1 Votes)
  • Undecided (0%, 0 Votes)

Total Voters: 5

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