As a condo unit owner, you are protected by two separate insurance policies:
Your unit owner insurance policy
It is your responsibility to obtain your own insurance policy to protect your liability, belongings and any upgrades you make to your unit.
The condominium corporation insurance policy
This policy is responsible for coverage on the building, common elements, and liability of the condo corp. The corporation is also responsible for maintaining and communicating the policy coverage to all unit owners.
The condo corporation’s insurance will not cover:
- belongings inside your unit;
- the value of any upgrades that have been completed in the unit;
- unit owner liability