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Insurance Types


Understanding your insurance rights is crucial during legal matters. At Khan Law, we help clients navigate key policies like Condo Insurance, Contents Insurance, and Life Insurance ensuring you’re protected when disputes arise or coverage issues impact your case.

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​​​​​​​In Cases of Selling Your Property

If you're selling your condo or any other property, it's important to make sure that your existing condo or home insurance is active until the real estate transaction officially closes. You should only cancel your policy after the deal has officially concluded.

While you can notify your insurance provider of the upcoming sale, never request cancellation of your insurance condo policy before the transaction is complete. Doing so could leave you exposed, especially in scenarios like fire damage where you're still legally the property owner.


If the unit is expected to remain vacant for more than 30 days before closing, ask your insurer for a special insurance binder. This additional step ensures continuous coverage and safeguards your investment.


​​​​​​​Need guidance? Contact Khan Law today for legal support related to condo insurance in Ontario.

Condo Insurance

Selling Your Condo Property

When you're selling your condo, it's important to keep your insurance policy active until the transaction has officially closed. Ending the policy too early can leave you vulnerable to potential damage such as fire or flooding that could occur while you're still legally responsible for the unit.

To maintain protection, inform your insurance provider about the pending sale, but avoid cancelling the policy. If your condo will sit empty for over 30 days, ask your insurer about securing a vacancy permit or temporary binder to maintain proper coverage during that time.

Buying a Condo Unit

Condo corporations usually maintain a master insurance policy that protects the building’s foundational structure and all common areas shared by residents. However, this does not include your personal items, liability for accidents inside your unit, or any improvements you've made. That's why new condo owners must purchase their own insurance policy tailored to condo ownership.

Your individual condo insurance should cover both your personal belongings and liability for any potential accidents or damages.It’s essential not to confuse it with a tenant’s insurance policy, which lacks the necessary protection for owners. Timing is also key: for resale condos, your policy should begin on the date of closing.

For newly built condos, your policy must start on the occupancy date. If you're buying a vacant land condo, you’ll need to check with your insurer and lawyer to ensure you're meeting all requirements.


At Khan Law, we assist buyers in making insurance decisions that align with legal standards and provide peace of mind during property transactions.

Contents Insurance

For Non-Condo Homes

When purchasing a freehold home, it's up to you to secure fire and contents insurance to protect the property and your belongings. This policy must be active before closing and should cover the full replacement value of the home. It also needs to name your mortgage lender as a loss payee.

Your insurance company must issue a binder letter confirming that coverage is active, including essential details such as the coverage amount, property address, and mortgage information. This documentation is crucial not just for closing a home purchase, but also when navigating processes like mortgage refinancing.

Without proper insurance in place, your closing could be delayed or even fall through. ​At Khan Law, we make sure your insurance documentation complies with Ontario regulations so the closing process is smooth and legally sound.

For Condo Owners

While the condo corporation's master insurance covers certain structural elements, it doesn't protect your personal belongings or custom upgrades. Condo owners should secure separate contents insurance to ensure these areas are protected.

Ensure the policy start date aligns with your condo's key milestoneeither occupancy (for new developments) or the closing date (for resale units). Another key area to watch for is coverage for potential deductible charges you might face under the condo corporation’s policy.

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Frequent mistakes include selecting the wrong type of policy or misaligning policy dates with legal deadlines. At Khan Law, we help our clients make informed decisions and stay fully protected throughout the transaction process.

 

Life Insurance for Mortgage Protection

In addition to property insurance, it’s wise to consider life insurance as part of your overall homeownership protection. This is especially important for those with dependents or if you're the main source of income in your household. Life insurance can help your family maintain ownership of the home if something unexpected happens.Lender-provided mortgage life insurance may seem convenient, but it often comes with limitations.

Coverage is usually linked directly to the mortgage, meaning it ends or changes if you refinance or switch lenders. It may also require requalification at renewal, which could be challenging if your health status has changed.

​​​​A personal life insurance policy, on the other hand, is independent of your mortgage and offers greater flexibility, typically at a lower cost. It stays with you regardless of any changes to your loan structure.

At Khan Law, we help you understand the long-term benefits of choosing the right life insurance solution. Our legal guidance ensures your home and your family’s financial well-being are protected, no matter what the future holds.


How We Can Help

At Khan Law, our real estate lawyers take the time to understand your needs and guide you through your condo insurance or title insurance requirements with clarity. Reach out to us for reliable legal support across Ontario.

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Use the form below to tell us about your legal enquiry, and we’ll call you back to schedule an appointment. Include the area you require service for, along with any specific document requests. You may also email or call us to make an appointment. Our general response time is one business day.

For job opportunities, please email us your resume. We’re always looking for new and exceptional talent to lead the firm into uncharted fields of practice.

Please do not include confidential or sensitive information in your message. In the event that we are representing a party with opposing interests to your own, we may have a duty to disclose any information you provide to our client.

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