As a condo unit owner, you are protected by two separate insurance policies:
Your unit owner insurance policy
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.
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