Purchasing a condo is one of the most important financial decisions you can make, and protecting it is a must. This means you’ll need to ensure you have the right insurance coverage. Condo associations generally take care of insuring common areas, while your responsibility is insuring your unit and its contents. Condo insurance covers owners for a wide variety of losses, including damage to their belongings and to any upgrades they add to their unit. The policy includes liability coverage for lawsuits brought against the policyholder if they accidentally injure another person or damage someone’s personal property. Have a look at some of the coverages we have available and then talk with one of our knowledgeable brokers who will help build your insurance policy with you:
Contents coverage
This type of coverage helps you replace the items in your home after an insured loss, such as those due to theft, water damage or fire damage. Plus, it covers your belongings when temporarily removed from your home, such as when you’re travelling.
Third-party liability coverage
This coverage protects you if you’re sued for injuring another person or damaging another person’s personal property. As with contents coverage, your liability coverage follows you wherever you go.
Improvements and betterment coverage
This type of insurance covers any upgrades or additions to your unit, such as upgraded flooring, countertops or kitchen cabinets. The condo corporation’s insurance policy won’t cover these kinds of improvements, even when a previous owner made them. In the case of bare land condominiums, the condo corporation may require you to insure the part of the structure you occupy. These complexes may look more like neighbourhoods of single-family homes, but they operate in the same manner as a conventional condominium.
Loss assessment coverage
Loss assessment is insurance coverage for condo owners that protects situations when you, as an owner of a shared property, like a condominium or co-op, are held financially responsible for a portion of the costs for deductibles or damage to the building or the shared areas of the property.
Additional Protection for the Condo Structure
There may be a circumstance in which your condominium corporation has no insurance on your unit, the insurance is insufficient, or the insurance does not cover what has occurred. Your policy also includes additional protection coverage, which is generally 250% of your insured contents limit.
