Condo insurance is one of the more complicated personal property insurance policies out there. Coverages is obtained under two separate policies. One which is purchased by you the condo owner and the other by the condo corporation.
What is Covered?
Condominium Corporation’s Policy
- The buildings that make up the condo corporation
- Common property such as hallways, stairs, roof, pools, driveways etc
- Fixtures built or installed as part of the original constructions such as floor and wall coverings, electrical and plumbing fixtures
- Condominium assets such as furniture and equipment
- Liability for claims of property damage or bodily injury
Condo Unit Owner’s Policy
- Your personal property such as clothing and furniture including the stuff you have stored in your locker
- Additional living expenses incurred as a result of an insured loss
- Personal liability for any property damage or bodily injury
Optional Coverages You Should Have
Most Comprehensive policies will include this coverage to some extent, but not all so it is important to review your policy to make sure you have adequate coverage.
Unit Improvements & Betterments – this covers upgrades done to your unit such as custom flooring, plumbing fixtures, and cabinets
Contingency coverage – provides coverage for your specific unit in case the condo corporation’s insurance is insufficient
Loss assessment – as a condo owner you share the responsibility for common property. This endorsement covers your share of property damage or liability losses (up to your policy limit), on common property, that may exceed the condo corporation’s policy limits.