As a condo owner, you have unique insurance needs that differs from a homeowners insurance policy. Your condo corporation will have an insurance policy that covers the building itself and its common areas. Some items are your responsibility to insure as a condo owner. Your condo insurance policy will cover your personal belongings inside your unit as well as betterments and improvements to your condo.

What Does Condo Insurance Cover?

Liability Coverage: This coverage applies if someone was to get injured on your property or if you have accidentally caused damage to someone else’s property and you have to pay damages.
Personal Property (Contents): Coverage for your personal contents of your home. Examples of items that Ontario insurance will cover are jewelry, furniture and electronics.
Improvements and Betterments: Coverage for any upgrades made to your condo since it was built. This policy will also help you if your Condo Corporation’s insurance is not sufficient enough to cover damages to your unit or if you are required to pay a special assessment for damages done to common elements of your condo.
Additional Living Expenses: This can help to pay for out-of-pocket expenses, hotel accommodations, food and rental expenses to stay in a new location if your home in uninhabitable because you have had an insured claim on your primary residence.

Optional Condo Insurance Coverages:

Sewer Backup: If water backs up from a sewer, storm drain, sump or septic tank and causes damage, this will provide coverage up to a stated amount.
Overland Water: This is coverage for damage caused by excessive rain, spring run-off or overflow entering your property causing accumulation of water.

Discounts That Can Apply to Condo Insurance:

  • Multi-Policy Discount
  • Non-Smoker Discount
  • Claims Free Discount
  • Loyalty Discount
  • Credit Consent