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Condo Unit Owner


Condo Unit Owner

Condo Unit Owner Insurance is coverage for personal property, which is not covered under the condo corporation’s insurance policy. That typically just covers the outside of the actual building and not the contents of unit and not liability.  For example, if there is a fire in your unit where smoke and water causes damages to neighboring units, you as the Condo Unit Owners will be liable.

Why and what do I need insurance on a condo unit?

  • You are responsible for half the walls, floor and ceiling. Your neighbour is responsible for their half of the walls. The common elements and wiring shafts are owned by the condominium corporation.
  • You require Contingent Condominium coverage (Property) for the shortfall of the Condominium corporation in the event they do not purchase adequate coverage.
  • Loss Assessment (Liability) will cover the shortfall in excess of the Condominium corporations' liability limits.
  • Contents coverage for the interior of the unit which you own. Including Your Personal Items.
  • Tenant's Improvements for things that you have changed within your unit e.g. flooring, carpet etc. Which could also be known as contents and liability.
  • The cost for a condominium package is similar to that of a tenant's package however they have thrown in the above specialized coverages at basic limits because they are necessary.


Why does my mortgage broker say I only need Contents Coverage for my condo?

  • Your mortgage broker is not your insurance broker, contact your insurance broker for the right advice

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