SGI has introduced new coverage requirements for condo policy holders. Effective March 1, 2021, SGI requires that a client's condominium corporation maintains adequate condo insurance for the building itself. This is in effect for all new policies, and could affect existing policy holders with coverage limitations. With current market conditions, this could also become a reality for other insurance companies.
Condo Changes
When you own a condo unit, you share in the ownership of the building with other unit owners, including common areas like the lobby, hallways, and roof. Just as you need insurance coverage for your unit and your possessions, your condo corporation is required to have a master policy covering the building and these common features. If a loss occurs to your unit, the building, or both, claims may be filed against your individual policy and/or the corporation’s master policy.
For situations when a condo corporation doesn’t have adequate insurance in place, SGI has updated their condo unit owner’s policy and adjusted the coverage limits, while still ensuring you have reasonable coverage.
The following changes are in effect as of March 1, 2021:
- When the condo corporation doesn’t have a master policy, and therefore no insurance to cover a loss, SGI will pay a maximum of $50,000 under your Contingent Coverage.
- When the loss is excluded under the deductible clause in the condo corporation’s policy (the deductible exceeds the loss) SGI will pay a maximum of $100,000 under your Contingent Coverage.
Please note: these limits are only being introduced for the specific situations outlined above.
SGI can no longer write new condo policies where the condo corporation does not have insurance on the building. Existing customers will be limited in coverage, but not declined. To inquire about your current condo coverage and discuss these new coverage requirements, please contact your broker at 1-888-792-1008.
Home Systems Protection and Service Line Coverage
Home Systems Protection - $44 annual premium
SGI's Home Systems Protection covers direct physical, sudden, accidental damage to heating, ventilation, air conditioning systems, appliances, computers, consumer electronics, and more. This coverage can be applied regardless of the age of the equipment.
Service Line Coverage - $37 annual premium
SGI's Service Line Coverage offers protection for direct physical damage to a covered service line - underground piping and wiring, including permanent connections, valves or attached devices on your property.
Add both coverages to your policy for only $74 annually!
To inquire about your current condo coverage and discuss these new coverage requirements, please contact your broker at 1-888-792-1008.
