Condo Insurance

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What’s the Difference Between Condo Insurance and Home Insurance?

Maintaining a home as a single-family unit can be more expensive than maintaining a condo. When you live in a home, your home insurance provides coverage for the structure of your home, any other items that may be present on your property, and the belongings that you have stored inside your home.

Condo insurance does not cover any repairs or upgrades to shared property such as pools, sidewalks, or the building your condo is housed in. In fact, your condo insurance will only protect your personal possessions, appliances, interior-facing walls and the items that solely belong to you. Your insurance will not be responsible for covering damages sustained to the condo building and its structures.

How Does Condo Insurance Work?

As a unit owner, you have title to your unit and access to common property, such as the lobby, rooftop patio, swimming pool, parking garage and other amenities. A condo may have only a few common areas, like streets or roadways, that provide access to the units.


What Is Common Property?

Any area that is available for use by all unit owners is considered common property or a common element. Some examples may include the lobby, elevators, gardens, swimming pool and other recreational facilities. Limited access common property – such as a balcony or storage locker – may be common property or a common element even though a unit owner has exclusive use. Unit owners share the expense of maintaining common property by paying monthly maintenance fees.

Typical Condo Insurance Coverages for a Unit Owner

Condo insurance will typically cover the following items or circumstances:
  • Your personal property such as clothing, appliances and furniture, as well as items stored in your locker.
  • Additional living expenses, in case you can’t live in your unit in the event of an insured loss.
  • Your personal liability for any bodily injury or property damage unintentionally caused to others.

Four Optional Condo Coverages

As a condo owner, you can further protect yourself by adding one or more of the following coverage options to your existing policy:

Owner’s increased improvement coverage for upgrades:

Designed to help cover costs that may exceed standard condominium corporation insurance limits, this type of insurance may be valuable if you’ve added custom counters, upgraded flooring, or plumbing fixtures.

Contingency coverage

Insures your unit if your condominium or strata corporation’s insurance is insufficient.

Loss assessment coverage

Unique to condo and strata insurance; since unit owners share responsibility for common property or elements, this coverage pays your share (up to a stated limit) for a major property or liability loss on common property that may exceed the corporation’s policy limits.

Directors’ and officers’ liability coverage

Provides protection to unit owners who are elected members of the condominium or strata board of directors.

Speak with your insurance broker regarding how additional condo insurance coverages may benefit you!

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