Condo Insurance

While your condo corporation’s policy insures against loss or damage to the building, condo owners need condominium insurance to protect their personal belongings, appliances, and fixtures.  Our range of products include coverage for betterments and improvements, loss assessment, contingent liability, and more.

Frequently Asked Questions

My condo building has a policy. Why do I need my own?

Yes, you’re right.  Your condo corporation has a master insurance policy to cover the building itself and the common areas; however, it doesn’t provide protection for your own individual unit.  That’s why you’d need your own condo insurance policy.  Your condo insurance policy would provide coverage for your personal belongings, any improvements or betterments that you’ve made to your unit, and third party liability coverage as well.

Is condo insurance mandatory?

The simple answer is no, property insurance in general is not mandatory; however, your condo corporation may require you to have coverage for your own unit.  Condo insurance may also be a requirement for your mortgage company too.  Bottom line is ensuring your personal assets are protected is also great for peace of mind!

Why do I need water damage coverage in a high rise condo?

A popular misconception is that you don’t need Sewer Back Up or Overland Water Coverage if you live in a high rise building.  You may still need this coverage to protect your belongings if you have a storage unit in the basement of the building.  This coverage is also important if the building itself experiences a water damage claim that renders your unit inaccessible; your tenant insurance policy would provide you with Additional Living Expenses until you can get back into your unit.


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Speak with a broker to learn more about condo insurance.