What are you covered for?
Download your policy coverage description to learn what you’re covered for in the event of a claim.
Insurance for condos can be complex, so we’re going to help simplify it.
As a condo unit owner, you are protected by two separate insurance policies:
When you purchase a condominium, you become the owner of a percentage of a large building. It is your responsibility to obtain your own insurance policy to protect your liability, belongings and any upgrades you make to your unit. However, you should become familiar with the overall condominium corporation insurance policy as it is an important part of your coverage as an owner of this building.
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:
Commonly referred to as Additional Living Expenses, Loss of Use coverage is included in your policy. It pays for the potential increase in your living expenses if you are temporarily unable to live in your condo as a result of an insured event. This coverage will also respond if your condo building is evacuated due to damage to a neighbouring premises or a major insured event in your area.
After a fire, you may have to pay your mortgage as well as rent for living elsewhere while repairs are completed. Our plans cover the increased costs of living until you can return to your condo.
Your Loss of Use limit is generally set using a percentage of your content Amount of Insurance. For condo owners, we typically use 100% of the Amount of Insurance for your condominium contents.
Most insurance policies allow you to customize coverage for additional items such as jewellery, cottages, boats and motors, or extend certain coverages to a home-based business.
Things to consider:
Your broker is the best resource to assess your unique needs and determine which additional coverages may help protect you and your home.