Condo insurance for what the building policy leaves out
Your condo corporation insures the building. Your own policy covers your belongings, your upgrades and the costs the corporation can charge back to you.
How we help with condo insurance
Condo insurance confuses a lot of new owners, because two policies work together. Your condo policy fills the gap between your condo corporation’s declaration and your standard unit definition.
What a condo policy covers
- Improvements and upgrades
- Flooring, cabinets, fixtures and finishes above the standard unit the corporation insures.
- Your belongings
- Everything you own inside the unit and in your locker.
- Loss assessment
- Your share if the corporation charges owners for a loss to common areas.
- Deductible assessment
- Corporation deductibles can be $25,000 or more and may be charged back to the unit where a loss started. Please ask your broker about your condo corporation deductible coverage.
- Personal liability
- If someone is hurt in your unit or water from your unit damages a neighbour’s.
- Additional living expenses
- Extra costs if you cannot live in your unit while it is repaired.
Where a broker makes a difference
Every situation is different. These are the ones we help with most often.
Filling the gap in coverage
Your condo policy fills the gap between your condo corporation’s responsibility and what you are responsible for, based on your standard unit definition.
Renting out your condo
A unit you rent to tenants needs a different policy. We will set it up correctly.
Brokers who handle condo insurance
Every one of our licensed brokers can help. Call and whoever answers will look after you, or ask for someone by name.
Insurers we compare
Condo insurance questions
Have a question that is not here? Call 519-623-7031 and ask a broker.
Do I need condo insurance if the building is insured?
Yes. The corporation’s policy does not cover your belongings, your upgrades, your personal liability or the deductibles it can charge back to you. Many corporations require owners to carry their own policy.
How much loss assessment coverage do I need?
It depends on your corporation’s deductibles and reserve fund. We can look at the corporation’s insurance certificate and recommend a limit that covers its largest deductible.
Related coverage
Tenant insurance
Affordable protection for renters: your belongings, your liability and a place to stay.
Home insurance
Houses old and new, including homes other insurers have turned down.
Rental property insurance
For landlords: the building, your liability and lost rent while repairs are made.
This page is general information about condo insurance in Ontario. Your coverage depends on your policy wording. Coverage cannot be bound or changed by email, voicemail or web form. You must speak directly with a licensed broker.