What your unit policy covers
- Improvements and upgrades. Flooring, cabinets and fixtures that go beyond the builder’s standard unit.
- Your belongings. Furniture, clothing, electronics and items in your storage locker.
- Personal liability. If you are responsible for injury or damage to others.
- Loss assessment. Your share of a special assessment after a covered loss to common areas.
- Deductible charge-back. Many condo corporations can charge an owner part of the building’s deductible when damage starts in that unit. Make sure your policy covers it.
Renting your condo out
If tenants live in your unit, you need a policy written for a rented condo. It covers your upgrades, your liability as a landlord and, if you add it, lost rent while the unit is repaired. Your tenants need their own tenant insurance.
Read these two documents
Your corporation’s declaration and its insurance certificate tell you what the building covers, what counts as the standard unit and how deductibles are charged back. Send them with your quote request and we will match your coverage to them.
Common questions
Do I need condo insurance if the building is insured?
Yes. The building policy does not cover your belongings, your upgrades or your personal liability, and it can leave you paying part of its deductible.
What is loss assessment coverage?
If the corporation has a loss that is not fully covered, it can bill owners. Loss assessment coverage pays your share, up to the limit you choose.