A typical comprehensive condo insurance policy includes coverage for your contents which protects your personal property inside your unit. Everything from your furniture and clothing to your TV and hardwood floors, up to a specified amount. It also covers your liability should you be responsible for damage to someone else’s property (for example, a neighbouring unit) or cause an injury to someone in your unit. Personal liability coverage will protect you against claims up to a specified amount. It also helps to cover any additional living expenses, in case you’re forced to temporarily relocate in the event of an insured loss - i.e. damage within your unit or damage within a neighbouring unit that makes it unsafe to be in your unit. If you’ve chosen to rent your condo, and your tenant unexpectedly moves out, it will cover the lost rental income for a period of time.
When you own a condo unit, you also own a share of the building and property itself. Your condo fees may cover maintenance, utilities, and a portion will also go to paying for the building insurance. Through the condo corporation, all the owners bear joint responsibility for its insurance. For example, if a visitor slips and falls injuring themselves in a shared area like the parking lot, the condo corporation insurance would be used and not your own.
See the chart below for more details on available comprehensive condo insurance coverage:
|
Type of Coverage |
Coverage Description |
|
Property coverages |
|
Condo building & unit |
This is a shared expense among condo owners within the building and is paid through maintenance fees. Examples may include the lobby and its furniture, elevators, hallways, stairs, gardens, swimming pools and other recreational facilities. It also covers original materials and fixtures used to construct your unit (i.e. walls, flooring, bathroom & kitchen).
Coverage amount:
Varies based on Condo Corporations coverage level
Included:
Yes, with your maintenance fees
|
|
Unit Improvements and Betterments |
Includes upgrades to your unit that may exceed standard condominium corporation insurance limits may be of value if you’ve added custom counters or upgraded flooring or plumbing fixtures.
Coverage amount:
$100,000 but can be increased to suit your needs
Included:
Yes
|
|
Unit additional protection (Contingency coverage) |
Insures your unit itself so that you are protected in the event that your condominium or strata corporation’s insurance is insufficient. For instance, this can cover your unit's glass and exterior doors.
Coverage amount:
$100,000 but can be increased to suit your needs
Included:
Yes
|
|
Personal Property |
Your personal property that is located within the unit. Think of this as what you own, wear or use while at home (i.e. clothing, personal items, appliances, other owned property). Depending on your building, it may also include your locker and its contents.
Coverage amount:
Varies, but usually between $30,000 - $200,000
Included:
Yes
|
|
Loss of Unit |
Helps to make you whole in the case you unit is unlivable, this includes coverage for any maintenance fees that are charged to you while unit is unavilavle and fair rental value if it or a portion that is rented may not be fit for occupancy.
Coverage amount:
Depends on your policy and the coverage needed
Included:
Yes
|
|
Additional Living Expenses |
Will provide you with the means to cover the costs of additional living expenses if you have to live away from your home for a period of time due to an insured loss (i.e. a loss caused by an insured peril).
Coverage amount:
Depends on your policy and the coverage needed
Included:
Yes
|
|
Liability coverages |
|
Personal Liability |
Provides you with personal protection in the case of any bodily injury or property damage unintentionally caused to others.
Coverage amount:
$100,000 - $5,000,000
Included:
Yes
|
|
Building Liability |
Provides you with personal protection in the case of any bodily injury or property damage unintentionally caused to others.
Coverage amount:
Ask your property management company
Included:
Yes, with your maintenance fees
|
|
Common Coverage Additions & Endorsements |
|
Loss assessment coverage |
Pays your share (up to a stated limit) for a major property or liability loss on common property that may exceed the corporation’s policy limits.
Coverage amount:
$10,000 but can be increased to suit your needs
Included:
No, must be added
|
|
Directors’ and officers’ liability coverage |
Protection to unit owners who are elected members of the condominium or strata board of directors.
Coverage amount:
Coverage amount varies
Included:
No, must be added
|
|
Overland Water |
This is fresh water from rivers or lakes that, after a heavy rainfall, accumulate too much to hold and floods out onto land. Consider adding this endorsement if you live close to a large body of water.
Coverage amount:
Up to $50,000
Included:
No, must be added
|
|
Sewer Backup |
This is when sewage from the main city drains overflow due to heavy rainfall and back up into your basement. You can avoid this by installing a backflow preventer on the main drain from your house. If you don't have one, consider adding this endorsement to your home coverage.
Coverage amount:
Up to $50,000
Included:
No, must be added
|
|
Identity Theft |
Provides you with coverage in the event that a third party steals personal information (e.g. driver’s licence, passport, credit cards, SIN) and uses it to commit a crime (i.e. empty accounts, apply for false loans or credit cards, obtain passports, receive government benefits).
Coverage amount:
Varies by provider (e.g. $40,000 to restore identity & $5,000 for incurred financial losses)
Included:
No, must be added
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