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Yes, a typical condo insurance policy does cover appliances, not from wear & tear, but from mechanical failure from an insured risk. For example, if a power surge in the building ruins your appliances, you'll submit a claim. If you upgrade your appliances, be sure to inform your provider. 

Yes, condo insurance covers special assessments, sometimes up to their full value. Poorly managed condo finances can cause a shortfall when it’s time to replace the shingles on the building or re-roof the entire building. One owner may have smoked in bed and caused a fire that damaged the majority of the building.

These types of incidents—where the condo’s corporate insurance policy doesn’t cover all the costs—mean the corporation can pass an assessment to each unit owner. These assessments can be financially devastating. Even if you sell your unit, you have to disclose the special assessment. As a unit owner, it’s essential that you protect yourself against insurance-related assessments by having the right personal condo policy. 

The average cost of condo insurance is $30–$40 per month, but it depends on many factors. 

Condo insurance doesn’t cover all instances of damage to your unit. Here are some examples of when you’re generally not eligible to file a claim:

• general wear and tear
• any act considered intentional or criminal
• damage to your unit caused by rodents or termites.

Condo insurance is not necessarily mandatory, but most condo buildings require their owners to have condo insurance. Tenants may require renters insurance, either by the building or the landlord. If you take out a mortgage to purchase the condo, then insurance would be required as a stipulation of the mortgage. Remember, you are not covered by the building insurance.

Make a complete list of damaged or stolen items. Call your insurance provider as soon as you can and ask about what you’re entitled to, especially if you can’t live in your condo due to the damage. A claims adjuster will be in contact with you to fill out a proof of loss form. Ask about using your own contractor, or if you have to use one they’ll supply, to repair the property.

Yes, is the simple answer. While Airbnb does provide host protection, it may not be enough. You should contact your insurance provider and the condo corporation before renting it out. If either is not ok with you renting your property, you can bring it up at a condo board meeting. If it’s approved, you can move your policy to another provider who will allow it, such as intact insurance.