Ensure your condo is covered, inside and out

The condo corporation’s master policy usually only covers common property, the building itself, and any fixtures the developer installed in the original construction. This includes things like the lobby, elevators, or amenities such as a gym.  

Our expert advisors can review your condo corporation’s policy and adapt your own condo insurance policy to fill in the gaps.

Condo insurance policies feature standard coverages to help you repair damages, replace your belongings or cover upgrades made to your condo. These policies can help cover legal costs if someone is injured on your property, or you accidentally cause damage to somebody else’s property. Condo insurance can also provide coverage for additional living expenses if you’re temporarily forced to live somewhere else.  

Working with our advisors, your limits can be adjusted, and additional coverages can be added based on your individual needs. Depending on the location of your unit, you may wish to add special protections such as sewer backup or overland water, which are typically not included in a standard condo unit owner’s policy. 

Common sources of claims include theft, vandalism, fire/smoke, explosions, wind, and water damage (the leading cause of claims).  

Condo insurance is generally affordable with premiums starting as low as $500. Pricing depends on a variety of factors. This includes the specifics of the building such as its location, age, type, construction materials, and more. Your personal details such as your age, credit rating and claims history also factor into the price, as does the replacement value of your personal belongings and the condo unit itself.  

Lastly, the variables in your policy (deductible, limits, and any endorsements) will also impact the cost of your coverage. 

Yes, there are a few ways you keep your rates low:  

• It starts with creating an inventory of your personal belongings. This helps ensure you have enough and aren't paying for coverage you don’t need. 
• Installing certain mitigation devices could be eligible for insurer discounts. This could include alarms for smoke, carbon monoxide, and water leaks, as well as monitored security alarms. It could also include devices like sump pumps and backwater valves. 
• It’s important to review your insurance annually or when you experience a major life change to ensure your coverage aligns with your current situation. 
• Allow your insurance company to run a soft credit check. It won't affect your credit rating and could help you save on your condo insurance premium. 
• Insurers often reward those who’ve been consistently insured and pay their premiums. So stay on top of insurance payments. 
• Consider submitting a claim only when you can’t cover the cost yourself. Even smaller claims can affect your insurance premiums. 

Yes, you will still need separate condo insurance. A condo insurance policy provides coverage for any upgrades or improvements you’ve made to the unit. It also provides coverage for loss assessment, personal liability, and loss of income if you’re unable to rent out your unit. 

After a claim on the condo corporation’s insurance policy, you may be required to pay a portion of the deductible, and the cost can significant. As an example, if the condo corporation has a $250,000 deductible and there are 10 condo unit owners, each owner could be required to pay $25,000. What’s more, if the damage originated in your unit, you may be responsible for the entire deductible. 

Some condo corporation policies also provide earthquake coverage that are based a percentage of the total insured value and can further increase the deductible cost. Deductible assessment coverage protects you from having to pay a portion or all of these costs.