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Condo insurance that works for you.
Condo owners have unique insurance needs - we have the expertise to get you the right coverage.
As a condo owner, you should be aware that your building and your individual unit will have separate insurance requirements. Your condo corporation will typically have a commercial insurance policy to cover the structure of the building and all the common areas. However, only condo owner insurance protects your personal property and liability.
You should refer to your condominium bylaws to get a better idea of what your condo corporation’s insurance policy will cover and what is your responsibility to insure, which usually includes your personal belongings, any unit improvements, loss assessments, etc. We can help in determining the appropriate coverage that you need for your own situation.
What can be covered?
When common property gets damaged, the condo corporation may make a claim against its commercial insurance policy. However, if the damage exceeds the amount of coverage in the condominium corporation’s insurance policy, you may find yourself having to pay a portion of the shared shortfall. Loss assessment will provide coverage for these costs.
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You should consider these coverage options when purchasing condo insurance.
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The coverage for your personal property is designed to replace any lost or damaged items. You should assess the value of your contents as if you had to purchase them brand new. Most people only think of the replacement cost of big ticket items such as furniture or appliances. Items that are typically overlooked when placing a value on contents are dishes, linens, cutlery and clothing.
Common property or common areas are located both inside and outside a building and include shared hallways, roofs, recreation rooms, pools, parking, and lobbies – generally anything that is not part of an individual unit. These areas should be insured under the condo corporation’s commercial policy. Understanding the difference between what the commercial policy covers vs your personal condo insurance policy is critical to making sure you have the right coverage.
Condo ownership can be vastly different from any other kind of home ownership. In a condo corporation, the individual unit owners are its shareholders. For example, if there are 20 units in a condo building, then each unit owner owns 5% of the corporation. If damage occurs to the building or common areas, the condo corporation may file a claim against its commercial insurance policy to cover the loss. However, sometimes the commercial policy doesn’t have enough coverage and the condo corporation is forced to pass on the shortfall to the individual unit owners by issuing a loss assessment. A unit owner’s share of this shortfall can come as a nasty surprise and can be crippling. Most insurers offer coverage for loss assessments, however not all types of assessments are eligible. Call us to find out what your condo insurance policy will cover.