How a Change in Occupancy can Impact your Condo Insurance

A lot of people don’t realize that any material change requires that the insurance company be notified. This needs to be completed within 30 days of the change, otherwise the insurance contract is void (ie. won’t respond if you have a claim). No-one would ever want to be put in that situation, so let’s look a bit closer at the definition of material change so we can understand how changes can impact the insurance policy.
A material change is defined as “a substantial and continuing change to your situation that affects and increases the risk involved to insure your property.”
Occupancy changes are a common type of material change that condo owners would see. Here are some important occupancies with brief explanations; each may change the way your insurance company would view your condo. These occupancy types could result in different forms needing to be signed, different insurance limits provided and/or may even require you to go to a different policy more specific to that type of condo occupancy (ex. AirBNB is far different than just an Owner living in his condo).
If you are uncertain as to how your policy is set up, it’s much better to discuss prior to a claim happening. Make sure to review with your broker at any time to discuss your specific scenario. Reach out to your Swift Digital Insurance broker today at 1-833-277-9438 or by email at hello@csinsure.ca
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