Condominium Insurance

Condo insurance typically covers the interior of your unit, including walls, floors, ceilings, and built-in fixtures. Depending on your condo association’s policy, you may be responsible for everything from the drywall inward. It also includes unit contingent liability, useful if the condo corporation’s policy has insufficient limits or fails to respond to a claim for which you might be held partially liable as a unit owner.

This includes coverage for your belongings such as furniture, electronics, clothing, and other personal items if they are damaged or stolen due to covered events like fire, theft, or water damage.

Financial protection in situations where you are found legally responsible for accidental bodily injury to another person or damage to their property. For example, if a visitor is injured in your unit, or if you accidentally cause damage to a neighbouring unit, this coverage can help with medical expenses, legal fees, repair costs, and potential settlement awards.

If your condo becomes uninhabitable due to a covered loss, this coverage helps cover the reasonable increase in living expenses you incur, such as hotel or rental home charges, restaurant meals, and other necessary costs you wouldn't normally face while living in your condo.

If the condo association issues a special assessment to cover damage to shared areas (like the roof or lobby) that isn’t fully covered by the condo policy, this coverage can help pay your share. It also includes deductible coverage if a portion of the policy claim deductible is assessed back to the unit owners.