Similar to home insurance, the basic needs of a condominium unit owner are to provide proper coverage for their investment.

Condo insurance protects your personal belongings and any improvements that have been made to your unit, in addition to providing liability protection in case you cause property damage to other units or if someone gets hurt while visiting your condo.

Why do you need condo insurance if you are paying fees to cover your condo corporation’s master insurance policy?

While it is the responsibility of the Condominium Corporation to insure the value of the building and all common elements (parking area; walkways, landscaping; recreational areas; etc.), condominium owners have their own unique insurance needs which will be impacted by your Condo Corporation’s master insurance policy and by-laws.

Typically you’re responsible for everything inside your unit’s walls, or more specifically, everything that is not included in your condo association’s master insurance policy, including:

  • Loss or damage to personal contents of your unit
  • Fixtures in your condo such as the appliances, wiring, plumbing, and carpets
  • Unit upgrades
  • Personal liability coverage
  • Loss of use

We can help give you peace of mind by providing you with guidance on condo insurance for you primary residence, secondary residence or investment property.

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As a condo owner, you also need protection for condo property deductible assessments; condo property damage assessments; condo liability damage assessments; and unit improvements and betterments.

As a condo owner you are responsible for damage you cause to any part of the building in which you live and for any injury or harm you cause to others living in or visiting the building.

Your condo insurance policy will include liability coverage with a limit starting at $1,000,000. This coverage may help protect you financially if you unintentionally cause property damage or bodily injury to others. Higher limits are available and recommended.

Your policy will also cover any court costs, lawyers’ fees and other expenses associated with your defence in the event of a covered claim.

Water damage makes up the largest percentage of claims that homeowners make on their home insurance. For more information on the types of water damage coverage available please read our blog post on water damage and insurance:

Flooding – Do you have insurance for it?

Similar to a standard home insurance policy, condo insurance DOES NOT cover high value items such as expensive jewellery and collectables. If you want these item insured, you will need to purchase additional coverage.

Additional discounts are available when you combine your property and auto insurance.

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