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What are the main differences between condo insurance and home insurance?

Maintaining a home as a single family unit can be more expensive as compared to maintaining a condo for the same purpose. When you live in a home, your home insurance likely provides coverage for the structure of your home, any other items that may be present in your property as well as the belongings that you have stored inside your home. On the other hand, your condo insurance will not be responsible for insuring any shared property like pools or sidewalks or the building your condo is housed in. In fact, your condo insurance does not have to insure any structure that does not technically belong to you. This means that your condo insurance will only be responsible for your personal possessions, appliances, walls that are interior-facing and the items that solely belong to you.

How Does Condo Insurance Work?What are the main differences between condo insurance and home insurance

As a unit owner, you have title to your unit as well as a share in common property such as a lobby, rooftop patio, swimming pool, parking garage and other amenities. A condo may have only a few common areas such as 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. Unit owners share the expense of maintaining common property by paying monthly maintenance fees. Limited access common property – such as a balcony or storage locker – maybe common property or a common element even though a unit owner has exclusive use.

Typical Condo Insurance Coverages for a Unit OwnerTypical Condo Insurance Coverages for a Unit Owner

You can expect that your condo insurance may include coverage for:

  • 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 in certain circumstances
  • Your personal liability for any bodily injury or property damage unintentionally caused to others.


4 Optional Coverages to Consider4 Optional Coverages to Consider

  • Owner’s increased improvement coverage for upgrades to your unit that may exceed standard condominium corporation insurance limits may be of value if you’ve added custom counters or upgraded flooring or plumbing fixtures.
  • Contingency coverage insures your unit itself so that you are protected in the event that your condominium or strata corporation’s insurance is insufficient.
  • Loss assessment coverage is unique to condominium 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 representative regarding how additional coverages may be of benefit.


Find the Plan to Cover Your Property

For over 30 years Acumen Insurance has been a leader in providing personal home and auto insurance products. We have always excelled in providing our clients with the best options to suit their needs and lifestyle. Let us help you choose the right home and auto insurance policy for you. Call and speak to one of our brokers directly 905-574-7000 or get a quote online now.

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