Condominium insurance is different than other insurances due to its unique legal structure.  Your condominium insurance is based on the value of your belongings and covers your belongings, improvements and liability.  The condo corporation has it’s own policy to cover the building and any common areas, however, you need to cover your own personal property and any improvements you make to your condo unit.  You also need to protect yourself in case the condo corporation does not carry enough insurance.

Insure your belongings
It is important to have an accurate listing of your personal property and replacement value. We also would advise you to take photos or video of all the items that have serial numbers in case of theft or total loss.  This will assist you and the adjuster in the event of a claim.  By taking these steps, you will also be confident that you have adequate coverage on your property.

Unit Improvements & Betterments
Your condo insurance will cover any improvements you make to your unit.  If you replace flooring or finish your basement, it will add considerable value to your condo compared to your neighbours.

Contingent Coverage
While the condo corporation may have insurance on the structure of your condo unit, it may not be sufficient coverage in some instances.  In the event that they do not have enough insurance, they would ask the condo unit owners to help with recovering the loss.  The policy covers up to 250% of the belongings amount in contingent coverage protection.

Loss Assessment
Most condominium policies will also provide coverage when your condo assesses you your portion of their deductible (Deductible Assessment coverage), or your portion of a special loss assessment (Loss Assessment Coverage).

There are limits to the coverages that come with the policy for Contingent Coverage and Loss Assessment, so be aware of the coverage you have and add additional coverage if required.

We can guide you through the special coverages that you require as a condo owner regarding property, liability, and deductible assessments.  In order to cover yourself properly you will need to know the deductible of your corporations’ master insurance policy.